Missing, Failing or Making Late IVA Payments

Missing your IVA payment can be very risky, At all times you must keep your insolvency practitioner upto date with your current financial situation. Late payments may be acceptable if you have a good enough reason to why this has happened 

Once you have missed 3 payments or equivalent then your practitioner will send you a 'Notice of Breach', Normally you will be allowed between one and three months to correct the problem explaining the missed payments and paying as soon as possible. Once you do this, no more action will be taken against you

Talk to your practitioner as the terms of your arrangement may be changeable but they can also terminate your IVA or apply to the court to make you bankrupt

You should always speak to your IVA provider as they will be able to help you in such a situation

Notice of Breach

If you miss a payment your Insolvency Practitioner (IP) will probably send you a formal notice of breach. This will ask you to explain the reason for the breach and potentially how to put it right. Putting right a late payment would mean paying it as soon as possible.

Most arrangements will give you up to three months to respond to the notice. If you do this, the IP will not take any more action against you but if you do not do this you could face severe consequences such as your IVA being cancelled

What Will Happen If I Cannot Put It Right?

If you don’t put things right, the IP will take the following steps:

  • Changing the structure, if you have had a change in circumstances and that is the main reason for falling behind on your payments then your IP can repropose your IVA with a new monthly payment but you must be able evidence a change in your financial circumstances to your creditors 
  • End your IVA, your IP can terminate your IVA once this is done you will be provided with a certificate of termination
  • Your IP can apply to the courts to make you bankrupt

If you feel your circumstances are getting worse and your IVA payments have become unsustainable please contact your insolvency practitioner or our team for further support. 

Do You Qualify?

Roughly how much unsecured debts do you currently have?

Less Than £6,000
£6,000 - £10,000
£10,000 - £20,000
More Than £20,000

What is your current employment status?

Full-time employment
Part-time employment
Looking for work

What country do you live in?

Northern Ireland

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What Is An IVA?

An IVA (Individual Voluntary Arrangement) is a formal agreement made between the person in debt and their creditors. Once you enter into an IVA your creditors can no longer take further action against you to recover any outstanding debts, All interest and charges associated with your debts are frozen.

All IVAs are set up and managed by an Insolvency Practitioner (IP), An IVA is a form of insolvency that can potentially right off up to 90% of your debts and is also an alternative to bankruptcy. 

In an IVA a single payment is agreed with your financial situation taken into consideration, The payment is then divided between the unsecured creditors over a set period of time (usually five years), after which any remaining debts are written off. 

Once you enter into an IVA (individual voluntary arrangement) your creditors are legally bound by the terms and conditions imposed by an IVA, These include stopping to take any further action or contacting you directly.

Whilst there are no legal maximum or minimum amounts you must owe to get an IVA, Usually, you must owe at least £5,000 to get your creditors to agree to the IVA. You can owe this amount across more than one debt, with more than one creditor.

At the end of your IVA, Any debt remaining will be written off and you will become debt-free.

An IVA is open to residents of England, Wales and Northern Ireland. Scottish residents can find support in the form of a (PTD) Trust Deed or also known as a Protected Trust Deed.

Example of How We Can Help

See how an IVA could help you with this simple example to consolidate all unsecured debts into one smaller monthly payment and write off unaffordable debt.

** In most cases up to 90% of the debt can be written off with an IVA. The amount written off will depend on your circumstances, levels between 30% and 90% are realistic.

How to apply for an IVA

Our trained money advisers will confirm how much debt you can write off with an IVA, Average debt write off is between 30% to 80% - Chat to our friendly team here now

Getting your IVA approved, We negotiate with your creditors to get everything approved our success rate is 97% Get Started Today

Advantages of An IVA

No upfront fee's

It's affordable, You only pay back what you can afford and normally only an agreed percentage of your debts

You make only a single payment each month which is distributed to creditors on your behalf.

You will be debt-free in a set period of time, normally 5 years

Once your IVA is approved, All your creditors must agree to the IVA. Including the terms and conditions attached to an IVA

By law, all interest and charges are frozen as long as you maintain your payments

Your creditors will stop calling, Once enough of your creditors agree to an IVA at least 75% in value of the creditors will need to vote in favour

Legally binding this means all creditor action, contact and demands will stop once the IVA has been approved

You won't be forced to sell your home, Your home is a protected asset in an IVA

Who Can Get An IVA?

An IVA (individual voluntary arrangement) is normally only suitable for people who are struggling to maintain payments to their current debts and have a regular income.

In order to get an IVA, you must have spare income after you have met your essential living costs each month.

Your creditors will be obliged to agree to an IVA if you meet the other criteria needed to get an IVA plan. Your insolvency practitioner will be able to offer you more specific advice once they know your circumstances.

In order to qualify for an IVA, you must reside in England, Wales or Northern Ireland. You will also need the minimum requirements:

 Have £5,000 or More of unsecured debt

✔ Owe money to two or more creditors 

 Live in England, Wales or Northern Ireland

Maintain a payment of a minimum of £70 per month 

You can see if you qualify for an IVA and whether you can write off up to 90% of unsecured debt

IVA - Frequently Asked Questions


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