Once you complete an IVA (Individual Voluntary Arrangement) you will be debt free. If you want to stay debt free, it’s a good idea to keep to a budget and stay aware of your finances. If you do decide to get credit cards after your IVA, do so with care to find the cards with low interest rates and only use it if you can afford to pay it off.

How long does it take to complete an IVA?

You can expect to complete your IVA in five years, which has many advantages. With some other debt solutions, like consolidation loans and debt management plans, it could take you many more years to become debt free.

Once you complete an IVA, you can even repair your credit rating. The IVA remains on your credit history for another twelve months but some credit companies take a positive view of the fact you kept up regular repayments for five years.

For the latest insights and comments on IVAs and becoming and staying debt free, read our IVA Zone Blog.