IVA
Table of Contents
An Individual Voluntary Arrangement (IVA) is a formal agreement that lets you repay what you can afford in one manageable monthly payment — while writing off the rest and putting an end to creditor contact.
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What Is an IVA?
An IVA is a legally binding agreement between you and your creditors, arranged through a licensed insolvency practitioner. Instead of juggling multiple debts and repayments, you make one affordable monthly payment based on what you can genuinely afford. At the end of the arrangement — typically five to six years — any remaining eligible debt is written off.
Unlike informal debt management plans, an IVA is protected by law. Once it’s approved, creditors included in the arrangement can’t take further action against you, add interest or charges, or continue contacting you.
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How Does an IVA Work?
- Free debt assessment — We review your income, outgoings, and total debt to see if an IVA is the right fit.
- Proposal drafted — A licensed insolvency practitioner puts together a formal proposal based on what you can realistically afford each month.
- Creditor approval — Creditors representing at least 75% of your debt (by value) must agree to the proposal for it to go ahead.
- Single monthly payment — Once approved, you make one affordable payment covering all included debts.
- Debt written off — At the end of the agreed term, any remaining balance on included debts is legally written off.
Benefits of an IVA
- One affordable monthly payment instead of multiple, unpredictable repayments
- Interest and charges frozen on included debts
- Legal protection from creditor action and further contact
- Debt written off at the end of the arrangement
- Fixed term — typically 5–6 years, so you know exactly when you’ll be debt-free
- Keep essential assets in most cases, subject to your insolvency practitioner’s advice
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umer
Mar 17, 2026
Junaid- Senior Finance Manager help me…
“Junaid- Senior Finance Manager help me so well. So happy to have found this company. I am now well on my way to be able to sort out my finances. Hopefully will be able to put all my worries behind me. Thanks Junaid for the incredible help and guidance.”
Adrian Chin
Mar 17, 2026
I have a great experience with the rams…
“I have a great experience with the rams they treated very well and I highly recommend them for my experience they are the best thank you for helping me to take my debit out in setting plan…
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Costica
Feb 19, 2026
It is an Amazing experience with the…
Nnamdi Owuamanam
Feb 17, 2026
Junaid has been really helpful in…
“Junaid has been really helpful in helping me get an Iva and has held no judgement. I would 100% recommend :)”
KellyAnne Bowers
Feb 16, 2026