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.
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.
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Disadvantages of an IVA
Advantages of an IVA
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.
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