Individual Voluntary Arrangement (IVA)

The term IVA refers to an Individual Voluntary Arrangement. Our IVA calculator helps you estimate your monthly repayments in an IVA. Move the red and green slider controls to get started.

  • Estimate your monthly payment in an IVA

  • How does this work?

    Use our IVA Calculator to estimate how much your monthly payment could be on with an IVA.

    Move slider controls or input your figures and click Next to continue.

    Need debt help? Call us today on 0800 019 2095.

    The IVA Calculator is for guidance.

Considering an IVA?

Before you apply for an IVA, consider both the advantages and disadvantages of this debt solution so you can make an informed decision about your financial future.

Speak to one of our friendly advisors today to see if an IVA is appropriate for you.

Call us today on

0800 019 2095

Disadvantages of an IVA

  • Your credit rating will be adversely affected throughout your IVA and usually, for an additional year after completion.
  • Failure of an IVA can result in creditors petitioning for your bankruptcy.
  • Not all debts can be included in an IVA, such as court-imposed penalties/fines.
  • If you come into any extra money whilst in your IVA, this will be taken into account and you could be expected to pay any windfall into your IVA as well.
  • You may have to downgrade or sell any really high value assets (such as exchanging a luxury car for a more economical one).

Advantages of an IVA

  • An IVA is a way to avoid bankruptcy proceedings and property repossession.
  • An IVA allows you to make one affordable fixed monthly payment.
  • Legal action by your creditors is stopped as long as you make your IVA monthly contribution.
  • The interest on your debts is frozen as at the date of the creditors meeting convened to approve the IVA.
  • You could become debt free in 5 years.

Points to consider:

  • Homeowners entering into an IVA should be aware that they will be expected to release any available equity for the benefit of their creditors. Due to credit scoring it may be that the terms of such an arrangement are less favourable. It could also mean that releasing equity is restricted completely and, in protocol compliant cases, the IVA can be extended by a further 12 months.
  • At the start of an IVA an assessment of your income and expenditure items are taken and thereafter reviewed annually. Creditors will require evidence should certain items be considered excessive and if suitable proof cannot be supplied, you will need to reduce your spending in those areas.
  • For an IVA to be accepted, 75% of the voting creditors by debt value must approve, therefore any single creditor with 25% or more of the overall debt level must not reject.

Why choose us

1,883 new customers helped

Over £11 million in debts written off through IVAs

1,345 IVAs granted

Statistics based on ClearDebt’s performance in 2015.

Calculate your monthly repayment in an IVA

Use our IVA calculator to find out what your monthly repayments could be in an IVA. Need to speak to an advisor? Call us today on  0800 019 2095

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Updated on 2016-10-05T12:45:59+00:00, by Paul Gailey.