I Am Now a Pensioner. Should I Close Down My IVA – Individual Voluntary Arrangement? – Carl

“Dear Jon,

IVA since july 2008.£50000 owing I am now a pensioner still trying to work hard

What realy will happen at the end of 5yrs.My friends over xmas said its a con and said i should close it down



You failed to mention if you have property or not, as this can have a bearing on how your IVA ends.

At the end of the five (5) years for your IVA any remaining balances on the accounts will be written off and you are now debt free. If you have property with any equity, you are expected to release a portion of that equity in the fifth and final year of the IVA, thus also completing the IVA. Either way you will be debt free.

IVA’s are not ‘cons’ but a part of the insolvency act to assist people who are in debt.

If you have no property, and no assets, and no surplus income each month, then for some people bankruptcy can be a stronger option depending on what they are looking to accomplish.

I hope this helps.



Jon Emge is an experienced UK debt advisor who has helped thousands and thousands of people in the UK to deal with problem debt. Jon specialises in finding good solutions for problem debt using a variety of UK specific techniques.

If you have a question you’d like to ask about how to get out of UK debt, just use the online form. I’m happy to help you for free.

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