Call free today
Call free today
If you’re struggling with debt, it can be hard to know where to start. An IVA calculator gives you a quick way to see what you might be able to afford and whether an IVA could be a suitable option for you.
An IVA calculator is a simple tool that uses basic details about how much debt you owe to help estimate how much debt you could potentially write off with an Individual Voluntary Arrangement.
It’s important to remember that this is only an estimate. A full assessment would look at your circumstances in more detail, including essential living costs and any changes in income. The calculator is a useful starting point to help you understand your options.
*This calculator is for illustration purposes only and highlights the average percentage of debt forgiveness at 70% for approved My Debt Plan customers during 2025. All customers who contact My Debt Plan will go through a full review to ensure they are provided the best recommendation and most accurate debt advice. The amount of debt written off is subject to each specific IVA and the values used are for representation purposes only.
You have multiple debts and are finding them difficult to manage
You can afford to make regular monthly payments
You want a clear plan with a set end point
You’re looking to reduce creditor pressure
There isn’t a fixed minimum payment for an IVA. The amount is based on what you can realistically afford after covering essential living costs. For some people, this could be around £80 to £100 per month, but it varies depending on your situation.
Approval depends on your circumstances and whether your creditors agree to the proposal. In general, an IVA is more likely to be accepted if:
Each case is different, so acceptance isn’t guaranteed.
If you complete your IVA successfully, any remaining unsecured debt included in the arrangement is usually written off.
This means you’ll have repaid what you could afford over the agreed period, and the rest is cleared, giving you a fresh financial start.
Once you’ve used the calculator, the next step is to get a more detailed understanding of your options.
This usually involves:
At My Debt Plan, we can guide you through this process and help you take the next step with confidence.
An Individual Voluntary Arrangement (IVA) is a formal agreement with creditors to repay a portion of your debts over time, but it does have an impact on your credit score and it will be difficult to obtain further credit whilst on an IVA. Once an IVA is approved, it is recorded on your credit report and will typically remain there for six years from the date it starts.
However, it’s important to note this is the case for most debt solutions and your credit score will likely already have been affected by being in debt in the first place.
Once your IVA is complete you will get a fresh start to begin rebuilding your credit rating.
IVA costs are charged for the preparation of your proposal and the administration of the arrangement for the full term (usually 5 years) these costs are charged from the monthly contributions you make into the IVA and are not in addition. Costs will only be recovered on approval of your arrangement and once you commence making payments to it. The fees for preparation of the proposal to creditors and calling the meeting for creditors to vote on its approval are called nominees fees, the fees for running the arrangement once approved are called supervisors fees. There are also some expenses incurred in the running of the arrangement such as the registration fee and the statutory insurance that needs to be taken by law, these are called disbursements. For our arrangements, the total of all of these is £3,650 although this may be adjusted by creditors when they vote on whether to accept. No matter what the end total of costs come to, you can be rest assured that these will be taken from the monthly payment we agree with you.
