Individual Voluntary Arrangement (IVA)
Fixed payments for 5 years, remaining debt written off
Pros
- Remaining unsecured debt written off at the end
- One affordable, fixed monthly payment
Cons
- Requires approval from 75% of creditors by value
- Affects your credit file for the arrangement’s duration
About Individual Voluntary Arrangement (IVA)
An IVA is a formal agreement to pay an affordable amount towards your debts for a fixed period — typically 5 years (6 for homeowners) — with any remaining unsecured debt written off at the end. It needs approval from 75% of your creditors by value and will affect your credit file.
How this works
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Frequently asked questions
What happens if my creditors don’t approve the IVA?
An IVA needs approval from 75% of creditors by value — if it isn’t reached, the proposal fails and you’d need to consider a different debt solution instead.
Are you a debt adviser yourselves?
No — Reduce Debt Quickly is an independent information service. We always recommend free advice from StepChange, National Debtline or MoneyHelper before choosing any paid solution.
Will these options affect my credit file?
Most formal debt solutions (IVA, DRO, bankruptcy) do affect your credit file, typically for several years — this is disclosed honestly on each option’s page above.
What happens after I request a callback?
A partner debt adviser reviews your situation and explains which options genuinely apply to you — there’s no obligation to proceed.
Check if individual voluntary arrangement (iva) is right for you
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