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National Debtline

Advice you can trust

Individual voluntary arrangements

If you cannot afford the payments to your creditors or your assets are worth less than your total debts, you are likely to be insolvent. An individual voluntary arrangement (IVA) may be a suitable option for you. Get debt advice about the advantages and disadvantages of all your options before deciding which option to take.

IVA advice - Man and child

Your budget

  • Don't forget that you need to work out a budget before you tackle your debt problems.
  • After you have worked out your income and outgoings you will be able to see how much you have left over.
  • If you do not have enough spare income to pay your creditors, an individual voluntary arrangement could be a suitable option for you.

What is an IVA?

  • An individual voluntary arrangement (IVA) is a legal agreement between you and your creditors to pay back as much as you can, usually over five years.
  • When the IVA is finished, any unpaid debt included in the IVA is written off.
  • We can help you to set up an IVA with a company that follows good practice guidelines.