Drag the sliders to picture how an IVA could be structured for your situation. This is a rough illustration to help you understand the idea, not a quote, a promise of what would be written off, or financial advice.
Please read this. These figures assume an IVA that runs for about 5 years (60 monthly payments) and that you complete every single one. They're a rough illustration only, what you'd actually pay, and whether any debt is written off at all, depends on your full circumstances and on your creditors agreeing to the proposal. Insolvency Practitioner fees are paid out of your monthly payments. IVAs can fail, which may leave you worse off, and an IVA is not the right answer for everyone. Always compare it with the alternatives and get free, impartial advice before deciding anything.
An IVA Calculator is a simple tool that gives you a rough picture of how an Individual Voluntary Arrangement could be structured for your situation. You tell it roughly how much you owe and how much you could afford to pay each month, and it shows you two things: about how much you would pay in over the life of the arrangement, and how much of your debt might be written off at the end if you complete it in full.
Think of it as a starting point, a way to picture the idea before you speak to anyone, rather than a formal quote or a decision. The figures here assume a typical arrangement that runs for around five years, with every payment made on time.
No, and it is important to be upfront about that. The numbers you see are an illustration, not a guarantee. They are worked out from one simple assumption: a five-year (60 payment) arrangement that you complete in full.
Your real figures could be very different. What you would actually pay, and whether any debt is written off at all, depends on your full financial circumstances, the assets you hold, and crucially on your creditors agreeing to the proposal. Insolvency Practitioner fees come out of your monthly payments. And if an IVA fails, which a significant number do, you could end up worse off than when you started.
This calculator is for general information only. It is not financial advice, a recommendation, or an offer of an IVA. An IVA can only be set up by a licensed Insolvency Practitioner after a full assessment. Always compare an IVA with the alternatives and get free, impartial advice from MoneyHelper, StepChange or Citizens Advice before deciding anything.
The figures are just a picture. To find out what is genuinely right for you, the next move is a proper conversation, with no obligation to go ahead.
Answer a few quick questions for an honest steer on whether an IVA could fit, or whether another option would suit you better.
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