You shouldn't be worried about the costs of an IVA. You will be required to make regular, affordable monthly repayments for five years and as long as you keep up the monthly repayments that is all you will pay. If, for whatever reason you are unable to do this you could be made bankrupt. However, creditors prefer to get more money back if they can so in most cases you'd go back to the position you were in before you started the IVA. Even though you will have broken the terms of your IVA you will not be required to make any more monthly IVA payments. But equally, you won't get back the money you have already paid.

When you first talk to an IVA (Individual Voluntary Arrangement) company or organisation about your debt, you shouldn't be charged any initial deposits or upfront payments. You also shouldn't be charged for things like consultation fees or administration charges. The costs of an IVA to you should only be your affordable monthly repayments, usually for five years.

It’s important to find a reputable debt company or organisation that can give you impartial debt advice and information about Individual Voluntary Arrangements. Click to find out how to arrange an IVA and also get some confidential advice to help you get out of debt.