Could an IVA make you debt free in 60 months?

An Individual Voluntary Arrangement could write off up to 80% of your unsecured debt. Millions of UK residents have already used an IVA to regain financial freedom.

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Typical IVA Outcome

Total debt£24,000

Amount repaid£6,000

Potential debt written off £18,000

One affordable monthly payment — that's it

Consolidate all your unsecured debts into a single, manageable monthly payment based on what you can genuinely afford. Creditor calls stop immediately.

Calculate My Payment → How it Works

Creditor calls stop Legally protected from day one

One payment only Based on disposable income

Keep your home Unlike bankruptcy

The 5-step journey to becoming debt free

From your first free consultation to your final payment — we walk you through every step of the IVA process, so you always know what to expect.

See the Full Process → Read FAQs

Your IVA Journey

Free consultationReview your finances

IVA proposal draftedBy a licensed IP

Creditors vote75% must agree

Monthly payments begin60-month term

Debt free! Remaining debt written off

IVA vs Bankruptcy — know your options

An IVA protects your assets, keeps your employment, and offers more control than bankruptcy. Understand the difference before making any decisions.

Compare Solutions → Check Eligibility

80%

Of debt can be written off

Month typical term

£6k

Minimum debt required

75%

Creditor approval needed

Free, impartial information — no hidden fees

IVA Info is a free educational resource. We help you understand your options so you can make an informed choice. No pressure, no commission, no data selling.

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Free Tool

IVA Debt Calculator

Drag the sliders to see how an IVA could reduce your debt and monthly payments

Your Debt Details

Move the sliders to match your situation

Total unsecured debt £20,000

Monthly disposable income £200

Number of creditors 5

Estimated IVA Outcome

Total debt £20,000

Monthly IVA payment £200/mo

Total repaid over 60 months £12,000

Estimated debt written off £8,000

IVA term 60 months

This is an illustrative estimate only. Actual figures depend on your full financial circumstances and require assessment by a licensed Insolvency Practitioner.

The Process

How an IVA Works

Five straightforward steps from struggling with debt to becoming debt free

Free Consultation

Speak with a licensed Insolvency Practitioner to review your income, debts and outgoings

IVA Proposal

A formal proposal is drafted outlining your monthly repayment based on what you can afford

Creditors Vote

75% of creditors (by value) must agree to the IVA terms — most do, as it's better than bankruptcy

Payments Begin

You make one affordable monthly payment for 60 months. Creditor contact stops immediately

Debt Free

At the end of your IVA, all remaining unsecured debt is legally written off. You're debt free

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Benefits

Why Choose an IVA?

An IVA offers legal protection and a structured route to becoming debt free

Legally Binding

Once approved, your IVA is legally binding on all creditors — they cannot chase you for payments outside the arrangement.

Keep Your Home

Unlike bankruptcy, an IVA does not automatically require you to sell your home — although equity may be considered.

Keep Your Job

Most employment contracts are unaffected by an IVA. Bankruptcy can restrict certain professional roles — an IVA usually does not.

Stop Creditor Calls

Once your IVA is accepted, creditors must stop contacting you directly. The stress of daily calls ends immediately.

Write Off Debt

After successfully completing your IVA, any remaining unsecured debt is legally written off — giving you a true fresh start.

Interest Frozen

Interest and charges on your unsecured debts are frozen when your IVA begins, so you know exactly what you owe.

Common Questions

Frequently Asked Questions

Quick answers to the questions we're asked most often

What is an IVA? +

An Individual Voluntary Arrangement (IVA) is a formal, legally binding agreement between you and your creditors to repay a portion of your unsecured debts over a fixed period — typically 5 years. At the end of the term, any remaining unsecured debt is written off.

Read the full detailed answer →

Am I eligible for an IVA? +

To be eligible for an IVA you generally need: unsecured debts of at least £6,000 (owed to two or more creditors), a regular income allowing you to make monthly payments, and to be a UK resident. You must not be subject to a current bankruptcy order.

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Will an IVA affect my credit score? +

Yes. An IVA will be recorded on your credit file and remain there for 6 years from the start date. This will affect your ability to obtain credit during this period. However, many people find that the IVA helps them rebuild their finances and, once completed, they can work towards improving their credit score.

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What debts can be included in an IVA? +

IVAs cover unsecured debts such as: credit cards, personal loans, store cards, overdrafts, payday loans, HMRC debts, and utility arrears. Secured debts (like mortgages or car finance), student loans, child maintenance, and court fines cannot be included.

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How much does an IVA cost? +

The fees for your Insolvency Practitioner (IP) are taken from your monthly payments — you do not pay them upfront. Fees are regulated and typically include a nominee's fee and supervisor's fee. These are agreed in advance and included in your IVA proposal.

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Quick Check

Am I Eligible for an IVA?

Check the basic eligibility criteria — it takes less than a minute

At least £6,000 in unsecured debt Owed to two or more creditors — credit cards, loans, overdrafts etc.

Regular income of some kind Employed, self-employed, or benefits — as long as you have disposable income

UK resident IVAs under the Insolvency Act 1986 apply in England, Wales and Northern Ireland

Not currently bankrupt You must not have an active bankruptcy order in place

Able to make monthly payments Typically at least £80–£100 per month after essential living costs

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