Individual Voluntary Arrangement (IVA)
Formal legal debt arrangement, typically 5-6 years.
Full definition
A formal legal agreement with creditors to repay debts at a reduced amount or over an extended period, typically 5-6 years. Appears on the Insolvency Register and your credit file. Most mortgage lenders require IVA discharge for 3-6 years before considering an application; some specialists consider active IVAs with trustee consent.
How this affects you
Whether individual voluntary arrangement (iva) is relevant to your mortgage depends on your circumstances — lender, product, deposit, employment, credit profile, and stage of application. An FCA-authorised mortgage broker will tell you exactly where it applies to your case.
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