An Individual Voluntary Arrangement (IVA) is a legally binding agreement that helps people manage unaffordable debt through affordable monthly repayments. It is arranged between you, your creditors, and a licensed insolvency practitioner (IP).
An IVA is tailored to your personal financial circumstances, which means your payments are based on what you can realistically afford after covering your essential living costs. The agreement usually lasts for a fixed term, giving you a clear and structured path towards becoming debt free. In some cases, a portion of the debt may also be written off at the end of the arrangement.
To work out a suitable repayment plan, your income and monthly expenses are carefully reviewed. We’ll guide you through this process to help find a solution that fits your situation.
An IVA may not be suitable for everyone. Fees can apply, and entering into an IVA may impact your credit rating.
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For many homeowners, the possibility of losing their home is one of the biggest worries when facing serious debt problems. An IVA can often provide an alternative to bankruptcy, helping you manage repayments while reducing the risk of having to sell your property. If you own a home, your arrangement will be reviewed based on your individual circumstances. For IVAs approved after 1 July 2025, homeowners may be required to continue payments for an additional 12 months in certain situations.
IVA approval is based on your personal financial circumstances, so eligibility can vary from case to case. There is no fixed set of rules, as creditors will consider factors such as your income, debts, assets, and ability to make affordable repayments.
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