Definition · Glossary
Individual Voluntary Arrangement (IVA)
Debt & Debt Management
In plain English
An Individual Voluntary Arrangement is a formal agreement between you and your creditors to repay a portion of what you owe, usually over five years. It is administered by an insolvency practitioner and affects your credit file.
Don't get caught out
Common misunderstandings
- An IVA is a serious financial step that stays on your credit file for six years. It should only be considered after taking free, professional debt advice.