An IVA or Individual Voluntary Arrangement is a formal agreement between an individual and their creditors.  The IVA is a legal binding agreement that is supervised by an Insolvency Practitioner.  The IVA will last for a period of (60 months / 5 years) and after that exact end date of 60 payments, you will be clear of debt.  Any remainder owing to your creditors after the 60 month payment period is written off.

  • If you own your own property and have a fair amount of equity / savings, you may be required by the creditors to re finance your home in the later stages of the IVA and extract extra funds to make up a larger contribution toward the total repayment. This could also extend the 5 year standard period of your IVA.

In Scotland, and IVA is known as a Trust Deed. These tend to have slight differences, mainly in the length of time they take to clear. A Trust Deed usually takes 4 years or 48 months but can be up to 5 years in certain cases. Find information about the available personal debt solutions in Scotland.

For further advice about an IVA, Protected Trust Deed in Scotland and personal insolvency in the UK, call our debt helpline today in absolute confidence,

  • 0800 018 6868