An Individual Voluntary Arrangement (IVA) usually lasts for 5 years, and it can be extended if property is involved. But once it’s finished you will be completely free from the debts involved and you will no longer have the worry of them.

If you have over £5,000 equity and are unable to remortgage your property at the end of the five-year arrangement, you may need to extend your plan by up to 12 months.

Sometimes a mortgage lender won’t allow you to remortgage– because your debts and debt solution are affecting your credit rating. But don’t worry, this is very common and the reason why many IVAs go on to continue for another year – with you making up to 12 extra payments.

Once your plan is finished it stays on your credit report for 6 years from the start date of the plan – then it’s deleted entirely.

No, they can go on for longer than 6 years if you miss payments or reduce them.

Your arrangement may be extended if you have not made all the payments you agreed to when you started your plan. If this happens, your Insolvency Practitioner will work with you and your creditors to adjust your payment amount and help ensure your plan reaches a successful conclusion.

If you are able to offer a lump sum during your plan, it may be possible to approach your creditors to ask them to accept the lump sum in full and final settlement of your IVA.