IVA in 8 Steps

Step 6 - start making IVA payments

Now your IVA is up and running, you start making monthly payments into the bank account we set up for you at Debt Lifeboat. If problems crop up, we work with you to get you to the end of your IVA and become debt free within five years.

Now your IVA is up and running, you start making monthly payments into the bank account we set up for you at Debt Lifeboat. We monitor this account, so we know straight away if you've missed a payment and we can work with you to clear up any arrears before they start to build up. Like you, we want to make sure your debts don't spiral out of control again.

If the missed payment is a result of a worsening of your personal circumstances - you've lost your job, for example - we'll call a meeting with your creditors to try and arrange a break in payments. This is called a variation meeting. We would also call a meeting if your financial circumstances have substantially improved - a big pay rise, for example, or an inheritance.