Individual Voluntary Arrangement
A legally binding agreement to pay back a proportion of your debts over five years. Remaining debt is written off.
- FCA regulated
- Always free
- 3m+People helped
- 4.5/5Trustpilot
- 30+Years helping
IVA at a glance
Good ifYou owe £6,000+ with regular income
CostFees taken from payments, not upfront
How longUsually 5–6 years
Worth knowingLegally binding — creditors must accept
Is a IVA available to you?
A IVA may suit you if…
- ✓You owe at least £6,000 to two or more creditors
- ✓You have regular income
- ✓You want a fixed end date
- ✓You want remaining debt written off
Things worth knowing
- —Credit rating affected for six years
- —May need to release home equity
- —Must declare windfalls during the IVA
- —If IVA fails, bankruptcy may follow
How it works
1
Tell us about your situation
Answer a few simple questions about your income, outgoings and debts. Online, by phone, or on WhatsApp.
2
Find what you can afford
We work out a realistic budget and show you the options that fit your circumstances.
3
Know your next step
Choose the solution that feels right. We handle everything with your creditors.
Real stories
★★★★★“PayPlan helped me understand all my options without any pressure. I didn't even know a DRO existed before I spoke to them.”
★★★★★“After my IVA completed I felt like a weight had been lifted. The team were supportive through the whole five years.”
★★★★★“I was dreading making the call but they made everything so easy. Within weeks I had a plan and could sleep at night again.”
Is this right for you?
| DMP | IVA | DRO | Bankruptcy | |
|---|---|---|---|---|
| Legally binding | No | Yes | Yes | Yes |
| Debt outcome | Repay in full | Partial write-off | Full write-off | Full write-off |
| Monthly payments | Reduced | Fixed | None | Possible |
| Home impact | None | Equity release possible | Must not own | May be sold |
| Public register | No | Yes | Yes | Yes |