Things to consider

An IVA typically lasts for five years and at the end of the term, debts included are completely written off, as this is an insolvency solution there maybe somethings you want to consider:

  • Your lenders are not obliged to accept the IVA

  • If the IVA fails, it could lead to bankruptcy

  • There will be a restriction on expenditure whilst on the IVA

  • You will be placed on the public insolvency register

  • Your credit rating is affected for 6 years

  • In the final year of the IVA, if you are a homeowner, you may be required to remortgage your home. If successful, the terms of the new mortgage may be less favourable. If you can't remortgage, the term of the IVA will be extended by 12 months

Fees are payable if ongoing services are provided, read more here.

Find out if you qualify to write off up to 90% of your debts

Start to get debt free


As a resident of Scotland, there are alternatives to get debt free