An Individual Voluntary Arrangement (IVA) typically takes five years to pay off. An IVA is a legally binding agreement that allows you to reach an agreement with your creditors to pay off your debts over an extended period of time. The duration of the IVA will depend on the terms of the agreement, which will be based on your budget and the amount of debt you have.
During the course of an IVA, you will be required to make monthly payments towards your debts. The payments will be divided among your creditors based on the terms of the IVA. It is important to be disciplined and consistent in your efforts to make the required payments, as failing to do so can result in the IVA being terminated.
Once the IVA has been completed, any remaining debt that is covered by the agreement will be written off, and you will be released from your obligation to pay it. It is a good idea to speak with a qualified UK debt adviser if you are considering an IVA and want to get a sense of the potential duration of the IVA. They can review your specific situation and help you determine the best course of action.