We use cookies to give you the best browsing experience. If you close this message or continue browsing, we will take it that you consent to this and we won't remind you again. You can disable cookies in Privacy Policy.
Call us on 0161 814 8669

Start to get debt free with an IVA

  • Lower your monthly payments
  • Freeze all interests and charges
  • Up to 80% of your debt written offOn average our customers have 60% of their debts written off

At the IVA Advisory Centre we understand that every situation is different

Here’s a breakdown of Anna’s story, one of our customers who was recommended an IVA.

Anna's solution

Total unsecured debt


Old monthly payment


New monthly debt repayments


Monthly reduction


Debt written off



5 years

Find out now if an IVA is right for you

What is an IVA?

An Individual Voluntary Arrangement, or IVA, is one way for people to get back on top of their unsecured debt repayments.

It is a formal agreement between you and your creditors that can help you repay your debts in an affordable way. You'll make repayments over a fixed term - usually five years - and your interest and charges are also frozen.

An IVA will affect your credit rating for six years from the start date.

If you come into any money during your IVA – through a pay rise, a bonus, or inheritance – you might have to put at least some of it towards your debt. At the end of an IVA, any remaining debt included in the IVA is written off along with the interest and charges.

We'll put together a proposal on your behalf if you qualify for an IVA. We'll ask your lenders to accept the reduced payments, including our fees.

Read moreless

How does an IVA work?

Once agreed, you make one, affordable payment.

The payment is then distributed to your creditors.

On completion, all debt included is written off.

Find out now if an IVA is right for you

IVAs are available subject to eligibility and acceptance, alternative solutions may be offered. Fees payable if continuing services are provided.

Our fees are explained here.

Protect your home

IVAs are available to homeowners and tenants

One of the main advantages of an IVA is that your new lower payments will leave you with enough money to afford all of your other essential bills and expenses. When we work out how much you can afford to put towards your IVA, we will factor in your rent, so you always have enough to pay for the roof over your head while you pay your debts off.

If you're a homeowner, you won't have to sell your house and you will always be left with enough money to cover your mortgage payments.

For more help and advice, visit the Money Advice Service, an independent service set up to help people manage their money.

Or find out more about the different options for paying off your debt here. IVAs are only available in England, Wales and Northern Ireland.

Everyone has a unique story

We will listen to you

Our advice is confidential and we won't pass your information on to anyone.

We are dedicated to helping you

You'll always get personalised and professional help and advice from IVA Advisory Centre.

We can help you build a brighter future

We’re passionate about getting you debt free.

Find out now if an IVA is right for you

Frequently asked questions

How does an IVA work?

Will an IVA affect my job?

Will lenders stop chasing me?

Will people know I'm on an IVA?

Will my home be affected?

What debts can go into an IVA?

How does an IVA work?

Our experienced advisors will look at your financial situation with you and work out, based on your monthly income, what you can realistically afford to pay towards an IVA.

We'll then prepare an IVA proposal for your lenders. This will include:

  • details of your finances
  • the terms of the proposed IVA, and
  • reasons why they should agree to your IVA.

Next, your lenders will vote on whether to accept your proposal – the vast majority are accepted, but not all.

Once accepted, the IVA will be legally binding for you and your creditors and you'll start making your monthly payments for the agreed term. After your last payment, any outstanding debt, including interest and charges, will be written off. If your IVA fails, you are at risk of bankruptcy.

Will an IVA affect my job?

For most people, an IVA will not affect their job.

Keep in mind though, that some employers can have rules against employing people in certain positions who are on an IVA, or have been in the past.

Your job can be affected:

  • if you're responsible for money, e.g. an accountant, or
  • if you advise people about their money e.g. a mortgage advisor.

Our advisors will be able to tell you if your job is likely to be impacted.

Will lenders stop chasing me?

Your lenders will have to stop contacting you and chasing you for payments if your IVA is accepted.

Your lenders won't be able to take any further legal action against you.

Will people know I'm on an IVA?

An IVA is a private agreement between you and your lender. You don't have to tell anyone that you're on an IVA, if you don't wish to.

Your details will be added to the Insolvency Register until three months after your IVA ends. This register is publicly available, however someone would have to search for your details to find them.

Will my home be affected?

You don't have to worry about your home. It will be safe on an IVA.

You might be asked to release equity by remortgaging in the last year. If you're unable to, your IVA could continue for up to another 12 months.

If you're a tenant, your new monthly payment will leave enough money to cover your rent.

What debts can go into an IVA?

You can pay off any of your unsecured debts with an IVA.

These include:

  • Personal loans
  • Credit and store cards
  • Catalogue debt
  • Council Tax arrears
  • Benefit arrears
  • Overdrafts

You can't pay off any secured debts, like your mortgage, through an IVA so you will need to continue to pay these.

Your monthly IVA payments will take these into account though, to make sure you have money available to pay them.


As a resident of Scotland you have alternatives to an IVA