Learn what a protocol IVA involves

What this helps you understand

The Insolvency Service, the government agency that oversees insolvency, explains in under four minutes what an Individual Voluntary Arrangement is. It is a legal agreement with the people you owe, paid monthly to an insolvency practitioner, usually over five or six years, with remaining included debts written off at the end. The video is open about the downsides: practitioner fees come out of your payments, missed payments can end the arrangement with no refund, it stays on your credit file for six years and appears on a public register. It also says an IVA may not suit people with small debts, small payments or income mainly from benefits.

• Made by a UK government agency (The Insolvency Service), not by a company that sells IVAs.
• It does not quote any fee amounts; it says the insolvency practitioner must explain their fees before you agree.
• It ends by pointing viewers to GOV.UK for free, impartial debt advice.

Keep this in mind

This video concerns protocol IVAs only. Other arrangements may have different terms. A video does not assess your circumstances or choose a debt solution for you.

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