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I.V.A

An IVA (Individual Voluntary Arrangement) is a formal legally binding agreement with your creditors to repay only what is affordable for you.

Write Off Debt

An IVA is a formal agreement between you and your creditors where you will come to an arrangement with those to whom you owe money to make reduced payments towards the total amount of your debt in order to pay off a percentage of what you owe. Usually after about 5 years your debt is settled. Due to their formal nature of an IVA has to be set up by a licensed professional Insolvency Practitioner (IP).

The Purpose of an IVA

An IVA is binding in law between you and your creditors. If you are in a debt problem where the amount of repayment is unmanageable, it allows a formal offer to be made to all your creditors so that the debt may be reduced and settled.

How Does It Work?

A monthly payment is made your Insolvency Practitioner (IP) which is shared by all your creditors on a pro rata basis. The payment amount is based on what you can afford. After the terms of the arrangement have been met, all remaining debt is legally written off. We can reduce the debt that needs to be repaid by up to 70% dependent on your circumstances, and we can also get all interest repayments frozen.

What Does this Mean?

A reasonable and fixed time period will be agreed, usually 5 years, over which time the affordable amount of capital is settled. Interest charges and penalty charges will be frozen for the length of the agreement and creditors are prohibited from chasing you for additional payments.


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“STB Credit Clear Ltd.(company No: 6816586) Trading as The Consumer Benefits Network is a limited company providing claims management services on a commercial basis; it is not a non-profit organisation, charity, government or other advice service." STB Credit Clear Ltd is regulated by the Ministry of Justice CRM No: 19250 in respect of regulated claims management activities; its registration is recorded on the website: www.claimsregulation.gov.uk