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UK legislation allows you to write off a percentage of your debts with an IVA...

Individual Voluntary Arrangements (IVA’s) were introduced by the Government in the 1986 Insolvency Act as an alternative to bankruptcy. They were put in place to help anyone in serious debt finding it difficult to make their monthly payments. If you live in Scotland the equivalent solution is a Trust Deed. (This is only available to English Residents)

An IVA is a formal agreement with your creditors (the people you owe money to) where you agree to pay only what you can realistically afford, taking into account your living expenses and monthly income. This is paid as a single monthly payment, usually over a period of 60 months. At the end of the period any remaining debt is written off and you owe nothing to your creditors.
On average, clients have had 25% to 85% * of their debt written off with an IVA!
Provided you maintain your repayments as agreed, an IVA protects you from further legal action from your creditors. In addition to this, all interest and charges are frozen at the time the IVA is agreed.


  • Only qualifying unsecured debts will be written off upon successful completion of the IVA, Any debts that are not bound by the terms of the IVA will remain outstanding.
  • Your credit file will be affected for a period of 6 years, starting when the IVA is approved and your ability to obtain credit will be limited. Entering into an IVA, debt relief order or a protected trust deed means that your details will be entered onto a public register.
  • An IVA can impact on certain jobs such as those in finance and the Civil Service, if you are unsure check your employment contract.
  • You may be asked to re-mortgage 54 months into the IVA; if this is not possible you may be required to extend your IVA by a further 12 months.
  • Failure to keep up with IVA payments may result in your creditors filing for your Bankruptcy
  • There are restrictions on certain items of expenditure for a person in an IVA.



It is very important that you understand your legal rights and responsibilities if you are in debt. Expert debt advice can make an enormous difference to the outcome of any debt problems you are currently facing.

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