Individual Voluntary Agreement

An IVA is an agreement between you and your creditors to help you pay off your debts at an affordable rate.

An IVA is a form of insolvency, but it is different from bankruptcy.

At Zero Debts, we offer a professional, impartial review of your financial circumstances and should an IVA be the best option our experienced agents will run through the whole process before you commit to on an IVA.

What is an IVA?

An individual voluntary arrangement (IVA) is a formal & legal agreement, between you and your creditors, that agrees a monthly repayment plan over a period that condenses multiple debts into one monthly payment.

It is a formal, legal debt solution. This means it will be approved by the courts and you & your creditors are obliged to stick to it. This is usually negotiated by an insolvency practitioner, who deals with your creditors throughout the life of the IVA, freeing you from handling the situation yourself.

An IVA is a form of insolvency, but it is different from bankruptcy

How Does an IVA Work?

If you decide to get an IVA, you will work out a repayment plan with an insolvency practitioner. The repayment plan is put to the creditors and, upon agreement, you will pay back a set amount each month, usually for five years, but not always. Since an IVA proposal is usually a last resort for people who cannot afford repayments currently, most proposals that meet criteria are accepted.

Write Off Debt With an IVA

Government debt legislation means that you may be entitled to write off as much as 90% of your debts, based on your circumstances, affordability and the full amount of debt. IVAs are suitable for people with a considerable debt level and as such you are only expected to pay back what is reasonably affordable for you in one monthly payment.

Benefits of an IVA

  • An IVA protects your owned assets, such as your home, by preventing your creditors from forcing you to sell up in order to pay them back
  • All interest payments on your unsecured debts including your credit cards and store cards are stopped
  • Debts you simply cannot afford can be written off, freeing up additional income to further reduce your overall debt level
  • Any current or potential legal action against you is prevented; this also stops late payment charges and fees, giving you the reassurance that your debt has stopped growing.

Are There Fees on an IVA?

Before entering an IVA, you need to be aware that fees are involved. However, as these are paid by your creditors to your insolvency practitioner out of the money that you contribute each month, the reality is that they won’t affect you.

Your creditors are agreeing to accept less money back to pay your insolvency practitioner. The only exceptions to this are if you have a significant windfall during the IVA and are able to pay back your debts in full or if your IVA fails. In these circumstances, your creditors may require you to contribute an amount to cover fees on top of your debts.

WE also get a fee for a successful referral by the insolvency practitioner.

Apply for An IVA

Prior to applying for any debt solution, it is important you discuss your situation with a qualified debt adviser to make sure you are aware of all your options.

The first step in the application process is to provide details of your financial situation. Our agents will perform an income and expenditure check to find out how much you can reasonably afford to repay to your lenders.

Get Debt Solutions from Our Experts

Zero Debts is committed to providing the best possible service to all those who need help with their finances. If you are struggling to make ends meet or perhaps have experienced a change in circumstances that have affected your ability to manage your finances, please contact us as soon as possible, we will complete a thorough, impartial examination of your individual situation and put you on the road to financial recovery.

Start planning a debt free future today!

Check if you Qualify

Simply complete the form to see if you qualify for any of the available debt solutions.


A friendly & experienced advisor from Zero Debts will contact you to discuss your circumstances.

You decide

They will explain all your options, so that you can decide which solution works best for you!

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