As of 2023, there are 62,682 ongoing Individual Voluntary Arrangements (IVAs).
Understanding IVAs and Current Numbers
An Individual Voluntary Arrangement (IVA) is a formal, legally binding agreement between you and your creditors to pay back your debts. It's a type of insolvency solution that allows you to make affordable payments, typically over five or six years, after which any remaining unsecured debt is written off.
The most recent data, covering the year 2023, indicates the number of IVAs that are still active or "ongoing." This figure represents the individuals currently engaged in these payment plans.
Here's a breakdown of IVA figures from recent years, including both the total number of new IVAs initiated each year and the number of IVAs that were ongoing:
| Year | Total New IVAs | Ongoing IVAs |
|---|---|---|
| 2020 | 78,439 | 60,738 |
| 2021 | 81,187 | 65,075 |
| 2022 | 87,865 | 77,985 |
| 2023 | 64,050 | 62,682 |
Data source: Individual Voluntary Arrangements Outcomes and Providers 2023
The "Total New IVAs" column shows the number of new arrangements started within that specific year. In contrast, "Ongoing IVAs" reflects the cumulative number of arrangements that are still active and being managed at the point of data collection for that year. Therefore, for the question of how many people are in IVAs, the "Ongoing IVAs" figure for the most recent year is the most relevant.
Data Trends in IVAs
Looking at the data, the total number of new IVAs saw a significant increase from 2020 to 2022, peaking at 87,865. However, 2023 observed a noticeable decrease in new IVAs to 64,050. Despite this reduction in new arrangements, the number of ongoing IVAs remained substantial, with 62,682 individuals continuing their repayment plans as of 2023. This indicates a large number of long-term arrangements are still being managed from previous years' initiations.
