An IVA (Individual Voluntary Arrangement) is a legally binding agreement between you and your creditors that can help you become debt free. In fact, you may even be able to wipe off some of your debt if you qualify.

Usually, an IVA lasts for five years. During this time you will be making a monthly payment agreed in your proposal. As long as you adhere to the terms of your IVA and complete it successfully, a portion of your remaining debt will be written off at the end of five years.

The advantage of an IVA is that you'll only be making one lower monthly payment toward your debt and will no longer have to deal with creditors either.

Am I eligible for an IVA?

To be eligible for an IVA you'll need to be genuinely struggling to make your repayments. Your debt will also need to be over £15,000 and owed to three or more creditors, but you can find out more by talking to a debt counsellor.

As your creditors will need you to make monthly payments, you'll need to be in regular employment too.

How do you start an IVA?

To start the IVA process, you first need to speak to a debt counsellor to find out if it's an option for you. Click to find out how to arrange an IVA and also get some confidential advice to help you get out of debt.