IVA in 8 Steps

Step 1 - Speak With One Of Our IVA Experts

When you phone a Debt Lifeboat IVA expert, you'll get free advice on solving your debt problems. We'll explain the options available to you to make sure that an IVA is the best way to try to get you debt free within five years.

The first thing we'll do is explain exactly what an IVA is, and all the options available to you. We need to make sure that an IVA is the best solution to your debt problems.

The most common type of IVA is the five year IVA. This is a binding agreement between you and your creditors in which you agree to make one affordable payment every month for five years. This means all your credit card debts will be cleared over five years, however large they are right now. In other words, your payment plan will be based on what you can afford to pay each month, not what your creditors have been demanding. This usually means that a substantial portion of your debts are written off. If you own your home, you will need to pay a percentage of the equity (calculated at today's values) into the arrangement.