Three large IVA firms failed in 2002: Vanguard Insolvency, which was wound up in May "in the public interest; The IVA Adviser, went into administration in August; QIS went into administration in November. Vanguard was closed after being investigated by the Insolvency Service On 13 May 2022, the Insolvency Service announced that Vanguard Insolvency had been wound up "in the public … [Read more...]
Articles about what happens in an IVA
This page, and the following ones, list all Debt Camel articles about the practical aspects of IVA - from what happens at your first annual review to what you can expect after you make your last payment.
What is an IVA and how do they work? gives an overview for anyone thinking of starting an IVA. IVAs are great options for some people, but they are too often "sold" as an easy, affordable option to people who have better alternatives for sorting out their debts. Do your research!
If you are interested in debt policy and news, look at the IVA News Archive.
How to complain about an IVA
Individual Voluntary Arrangements are complicated long-term legal agreements. A lot can change in your life during the 5,6 or 7 year term your IVA lasts. Sometimes your IVA firm isn't as helpful or sympathetic as you think it should be. You should always be treated politely and have things explained to you. If there is something really wrong with the way your IVA is being handled, then you … [Read more...]
More than a third of IVAs fail – and this may get worse
This post was written based on statistics published in 2022. Since then, statistics have been complicated by the special measures during COVID that temporarily prevented many IVAs from failing. Statistics published in early 2024 show: one in three (33%) IVAs that started between 2016 and 2018 failed of IVAs that started in 2022, 5.6% failed in the first year. This was about the same as … [Read more...]
Overtime, bonuses & pay rises – what happens in an IVA
A reader asked about a friend who is looking at an Individual Voluntary Arrangement (IVA): Mr X is 23 and owes just over 10k on various credit cards and loans. He earns £20k and hopes to get a £10k bonus this year. The IVA firm says the bonus doesn’t matter as it's not guaranteed. But won't the IVA take half of it? Would it be better if he got a job with a larger basic salary and no bonus, or … [Read more...]
Should I end my IVA and change to a DRO?
In 2024 the Debt Relief Order (DRO) rules have been relaxed so a lot more people qualify. For example, the maximum limit of debts in a DRO has now been increased to £50,000 and you can also own a car worth up to £4,000. Will you now qualify for a DRO? If you are in an IVA, you are renting and your IVA payments are less than about £120 a month, you may be much better off switching from an IVA … [Read more...]
How to choose an IVA firm
Which are the best IVA firms to talk to if you are interested in an Individual Voluntary Arrangement (IVA) and whether it is a good debt solution for you? If you put IVA into Google, how do you decide which of the tempting see how much of your debt you can write off links to click on? Or you could choose the person that cold calls/texts you telling you about a little-known government … [Read more...]
Which is better a DRO or an IVA? There is a very simple answer!
Everyone has heard of bankruptcy, but Debt Relief Orders (DROs) and Individual Voluntary Arrangements (IVAs) are less well known. Here is a comparison of IVAs and DROs, so you can see would be better for you. DROs and IVAs were the two most common types of personal insolvency in England and Wales in 2023. Some choices between debt solutions are genuinely hard. When I wrote about comparing … [Read more...]
What happens in an IVA if I am made redundant?
Losing your job can be a big problem for your IVA unless you can get a new job quickly. Having redundancy pay can help through this period - but some of your redundancy pay may have to be paid into your IVA. Here I'll describe what the 2016 IVA protocol Individual Voluntary Arrangement says. Most IVAs have similar provisions for redundancy. It's a good idea to check your own IVA paperwork and, … [Read more...]
“What will happen at my IVA annual review?”
A reader asked: I’m worried about my first IVA annual review. How much detail will they go into? I've found the year tough with a few car problems. I switched gas and electric to try to save money but it hasn't helped much. This is one of the many IVA issues where I have to start by saying that there is no definitive answer for everyone. It depends on the terms of your IVA, your IVA firm, your … [Read more...]
Making bankruptcy look more scary than it is
It's natural to feel worried about bankruptcy, but some websites set out to make it sound a lot worse than it is. Some of what they say is simply wrong. Other bits may be right but they leave out important facts, so the issue sounds more difficult than it is in practice. And it's common for problems associated with bankruptcy to be listed in detail, but very similar points … [Read more...]