The cost of clearing your debt is covered by two different parties - you and your creditors. Firstly, you will be required to make regular monthly payments usually for a period of five years. The amount you pay is based on your situation and what is considered to be realistic and affordable. The rest of your debt is then written off by your creditors, including any fees paid to the company that arranges and supervises your IVA. As long as you stick to the terms of your IVA and keep up your repayment, that's all you'll have to pay.

Any of your initial meetings or telephone conversations before your Individual Voluntary Arrangement is approved should also be at no cost to you. You can focus on becoming debt free instead. The IVA Zone can recommend organisations who you can go to for more debt advice. Click here to find out how to arrange an IVA and also get some confidential advice to help you get out of debt.