IVA Calculator – How much debt can you write off?
Use the IVA calculator below to find out approximately how much debt you can expect to write off.
A debt write-off amount of around 78% is realistic based on the average figures of IVA clients between June 2023 to June 2024.
New monthly payment
Total repayable
Debt reduced by
This example is for guidance purposes only as monthly payments and debt write off are based on individual circumstances. We will assist you in preparing your income and expenditure statement to ensure you have a reasonable and sustainable budget for living expenses before calculating your affordable IVA payment.
Why are IVA Calculators used?
We offer our online IVA calculator to give you a visual indication of what you can expect to happen with your debts. By using the calculator above, you can see average figures of:
- A monthly repayment amount
- The amount of debt that you will repay
- The amount of debt that your creditors will write off
If you are looking into this as a possible debt solution, then there are other IVA qualifying criteria you may want to consider too.
How are IVA payments calculated?
IVA payments will always be an amount you can realistically afford each month after you have made all your other priority payments – this is your ‘disposable income’.
The total is calculated by looking at:
- Your income (how much money you have coming in before you have made any payments)
- Your everyday living expenses (food, clothes and other essential items)
- Priority bills (mortgage/rent and other debts that you must pay first)
Once the total has been worked out, we will create an IVA proposal together – this is what will be sent over to your creditors to approve.
Apply for IVA advice if:
- You owe £6,000 or more in debt
- Money is owed to two or more creditors
- You have a regular monthly income
Residents in England and Wales have a right to debt help, and several tried and tested solutions can help not only to write off debt but also reduce pressure from creditors and freeze interest and charges.
An Individual Voluntary Arrangement (IVA) could be one option that holds the key to your debt-free future.
- DEBT FORGIVENESS
Your creditors are legally obliged to write off any outstanding balances upon completing your IVA. - REALISTIC PAYMENTS
The amount you pay towards your IVA is based on what you can afford each month. - PROTECTS YOUR ASSETS
An IVA stops your creditors from taking recovery action against you.
Take a look at our online IVA Calculator tool for an idea of how much debt you could write off with an Individual Voluntary Arrangement.
A typical example of an IVA*
- Personal unsecured debt: £39,500
- Number of lenders: 5
| Loan(s) | £17,000 |
| Overdraft | £3,000 |
| Credit Card(s) | £13,500 |
| Store Card(s) | £4,500 |
| Utility Bill(s) | £1,500 |
| Total Owed | £39,500 |
Your monthly debt repayments:
£689
Previous
£137
New
DEBT REDUCED BY 78%
*A debt write-off amount of around 78% is realistic based on the average figures of IVA clients between June 2023 to June 2024. We assess each customer individually based on their circumstances and payments to the IVA are based on what is realistic and affordable.
IVA Testimonials
Our IVA Calculator uses estimations, with figures based on past customers we have helped. Here’s a breakdown of some of those real-life scenarios and what those customers had to say about us…
How we helped Timothy
'Honest, real no nonsense help'
Excellent, honest open advice given by non judgemental empathetic people. A real light at the end of the tunnel! Thank you so much for your help and support.
£120
Monthly payment
£25,198
Debt amount
72%
Debt write off
Timothy
How we helped Catherine
'Excellent advice and customer service'
Excellent advice and customer service. Made me feel so much better, Lauren was so kind and understanding and gave me excellent, professional advice. I would recommend them to anyone who feels that debt is getting on top of them.
£150
Monthly payment
£12,743
Debt amount
30%
Debt write off
Catherine
How we helped Chelsea
'Fast. Friendly. Efficient.'
Absolutely brilliant. Very fast, friendly and efficient. Haley and Amy are lovely ladies that genuinely made an embarrassing situation for me feel a whole lot better. Thank you so much.
£90
Monthly payment
£9,097
Debt amount
41%
Debt write off
Chelsea
Learn more about an IVA and calculate figures tailored to you
If you’ve used an IVA Calculator and want to know more, then it may be an excellent time to reach out for support at Money Advice.
During a consultation with us, we’ll be able to:
- Find out what’s affordable for you
- Leave you with a clearer idea of how an IVA could help
It’s also crucial to consider the pros and cons of an IVA as part of your decision-making process. By reaching out for debt help directly with us, we’ll ensure you’re fully informed about IVAs, along with any alternative debt solutions for you to consider.
Want help with debt write off?
Our online calculator may give you insight into how much money you could expect to write off with an IVA. Still, we would only know whether this is an appropriate solution after fully understanding your situation.
The best way to find out would be to get in touch with us and chat with one of our friendly advisors. Call us today on 0161 640 6400.
Check if you qualify
IVA Calculator FAQs
It’s important to note that figures given from online calculators are likely to vary between different providers – this is because they are usually based on their own figures. They are reliable, but they are always provided as a guideline, not as a guaranteed IVA breakdown. The amount you repay will depend on your disposable income and circumstances.
The minimum payment for an IVA is around £100, but this figure will be determined from your disposable income each month once all of your priority bills have been paid.
The monthly payment will always vary between individuals.
It’s possible to write off up to 72% of your debts, but this amount depends on how much you owe and how much your creditors agree to. You must include all of your unsecured debts, and your creditors will write off a portion of each of these. They will all be treated fairly.
IVA Calculators are intended to provide a rough estimate of the portions of debt you can both repay and write off during the solution. It is a visual tool that can help show that there is help available and that dealing with your debt can be manageable.
If you’ve used the online calculator, then you will now have an indication of the amount of debt you could possibly write off, as well as the amount you could pay back.
This figure is an indication only, so if you do want to look further into pursuing this type of debt solution, then now is the time to speak with us.
We will work with you to refine these figures and create a proposal tailored to you, and once you’re happy we can also put this forward to your creditors on your behalf.
Money Advice help over 3,000 people in the UK every year
Our team of experts help thousands of families get their finances back on track with an IVA.
Is an IVA right for you?
We can discuss your eligibility for an IVA
Prefer to speak later?
We will offer support to help you find a solution.
To find out more about managing your money and getting free advice, visit Money Helper, an independent service set up to help people manage their money.