IVA top ten facts

IVAs are a complex subject. This page provides the ten most important facts about IVAs - if you have any further questions, speak to our experts on 0800 970 5489.


  • You can repay your debts with fixed payments in (most cases) 5 years
  • An IVA will help you repay your unsecured debts (credit cards, store cards, unsecured loans, overdrafts, etc.)

    It will also help you stay on top of your secured debts (mortgage, secured loans, etc.) because you only pay what you can afford.

  • With an IVA, you should have no further payment demands from creditors

    You will make a single, fixed monthly payment instead of the multiple payments you're making today. What's more, it'll cost you less, as it will be based on your disposable income - the money you have left after your essential expenses (mortgage/rent, secured loans, utility bills, food, petrol, etc.).

  • You are unlikely to lose your home through an IVA

    You will be expected to release some of the equity from your property to pay into your IVA.

    Top of page

  • Upon successful completion of the IVA, your outstanding unsecured debts will be written off

    Pay as much as you can for 5 years and you will have paid off your unsecured debt.

  • Unlike bankruptcy, an IVA will not appear in the papers

    It will however appear in the Insolvency Register, which is publicly available.

  • An IVA will go ahead if the 'IVA proposal' is accepted by enough of your creditors

    Once accepted, all creditors (including any who rejected the proposal, or who didn't vote) will be bound by the terms and unable to pursue legal action against you, including trying to make you bankrupt.

    Top of page

  • Unlike bankruptcy, an IVA does not place any restrictions on your future career

    Until discharged, people who have been made bankrupt are not allowed to do certain jobs or start up their own business.

  • You do not need to be a homeowner to enter an IVA

  • IVA may be suitable if you:

    - Can't afford to repay your debts, and
    - Have two or more creditors, and
    - Are unable to keep up with your monthly payments, but
    - Are able to commit to making regular payments throughout the IVA.

    Top of page

Speak to our IVA team on: 0800 970 5489

Alternatively to apply for a free call-back click here

Subject to eligibility and acceptance. Debt write off applies to unsecured debts and only on completion of an IVA, alternative solutions may be offered. Failing to complete an IVA once agreed could put you in a worse financial situation. Calls may be recorded and are usually free from UK landlines. Mobile phone users costs may vary and should check with their network provider.

Our debt advisers are helping 1000s of people each month.

For a confidential debt assessment, call:
0800 970 5489


By continuing, you agree to the privacy policy.