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What is an IVA

An IVA combines your debt into one affordable monthly payment for a fixed period of time, usually 5 years, after which any remaining debts are written off. If you have equity in your property (i.e. it’s worth more than the debt secured on it) you may have to remortgage in the 5th year of your IVA to release equity to contribute towards your outstanding debt. If you are not able to do this, your IVA could be extended for one more year to allow further monthly repayments.

It is a legal agreement between you and your creditors, this means you will be legally bound to the agreement. Your creditors are required by law to freeze interest charges and fees.