Before you take any steps towards getting an IVA, you need to make sure you know exactly what’s involved and whether it is suitable for your situation.

It is important to get impartial, professional debt counselling before deciding upon any specific debt solution. As the UK’s leading debt help charity, we can fully assess your financial situation and recommend the most appropriate debt solution for your circumstances.

Our online debt counselling services, CCCS Debt Remedy, will be able to identify the most effective action to take in order to get out of debt.

If an individual voluntary arrangement is suitable for you and if you decide to go ahead, CCCSVA, our inhouse IVA service, can support you throughout the process.

How does an IVA work?

Under an IVA, you make affordable monthly payments towards your total debt over a set period which is usually 5 years. Once that period is over, any remaining debt is written off.

For an IVA to go ahead, creditors representing at least 75% of your total debts must approve the proposal. Once it’s approved, you are protected against legal action to recover the debt, providing you stick to the terms of the agreement.

Your finances are reviewed on an annual basis and you will receive a progress report along with your creditors. You are also notified once the IVA is complete.

Get IVA advice

Use CCCS Debt Remedy to find out which is the best debt solution for you, and if applicable to your situation, we will give you more information about how to arrange an IVA.