Compare your options
Other Debt Solutions
An IVA is only one route. Income, assets, location and the type of debt all affect what may be suitable.
Formal · Usually 5–6 years
Individual Voluntary Arrangement
For people with regular income and several unsecured debts. Payments are legally agreed and remaining included debt is written off after successful completion.
Informal · Flexible
Debt Management Plan
One affordable payment shared between non-priority creditors. Interest may be frozen, but this is not guaranteed and the full debt remains repayable.
Formal · Usually 12 months
Debt Relief Order
For people on a low income with few assets and debts within the qualifying limit. Restrictions apply, but eligible debts may be discharged.
Formal · Serious step
Bankruptcy
Can clear many debts when other options are unsuitable, but assets, income and some professions may be affected. Independent advice is essential.
Priority debts need priority attention
Rent or mortgage arrears, council tax, energy bills, court fines and child maintenance can have more serious consequences. Mention these first when you speak with an adviser.