Can I get an IVA if I live abroad?

21 May2021

You can get an IVA (Individual Voluntary Arrangement) if you live abroad, as long as you've lived in Britain within the last three years and your debt was incurred there.

Why should I get an IVA if I live abroad?

An IVA is a legally-binding agreement with your lenders. It allows you to make smaller, more manageable payments towards your unsecured debts each month if you are unable to keep up with your existing arrangements and aren't able to repay everything you owe within a reasonable timeframe. You will be protected against legal action from your lenders. After five years, any remaining unsecured debt is written off.

An IVA may be the best way to clear your UK debts. This will mean that, if you ever return to the UK, you may be able to start with a clean slate. Arrangements can usually be made over the phone or online.

Click here if you'd like to know about IVAs in more detail.

What is there to think about?

When deciding how much you can pay towards your unsecured debts each month, remember to factor in any exchange rate costs and fluctuations, as this could affect how much actually leaves your account each month.

There are also disadvantages to an IVA. For example, it will negatively affect your UK credit rating for six years. This may not affect you if you live in another country, but it would if you returned to the UK during this time. You may wish to remain in your new country until your credit rating has improved in the UK.

If you have lived outside the UK for more than three years, or you think that an IVA may not be right for you, you may want to consider a debt management plan.

If you're not sure which debt solution would be right for you, try our Solutions Finder .

Try our debt solution finder

Answer a few simple questions and find out which debt solutions could help you, based on your circumstances.

Your Situation

Your Details

Please remember, this is just an information tool. We would always recommend you speak to a debt advisor for the most appropriate way to resolve your debt problems.
We'll give you an on-screen recommendation and call you. One of our advisors will be in touch to answer any questions you may have about your results.
Your privacy is important to us. All correspondence is held in the strictest confidence and we will only request information required to find your debt solution.


Tags: IVA, Individual Voluntary Arrangement, debt, debt advice, unsecured debt, insolvency, credit rating, living abroad, debt management, debt management plans

Fees payable when continuing service is provided. Repaying debt over a longer period may increase the total amount to be repaid. Calls are recorded and are usually free from UK landlines. Mobile phone users may be charged and should check with their service provider. Cards are provided by third parties and are subject to eligibility, status and terms and conditions. Applicants must be UK residents aged 18 or over.

All About Money Limited © 2013. All rights reserved. 42 Boston Rd, Sleaford, Lincolnshire NG34 7ER.