Loans for People with IVA 2026: What You Need to Know?

Are you currently in an IVA and wondering if you can still get a loan? You’re not alone, and the answer isn’t a simple yes or no.

In 2025, 71,855 IVAs were registered in England and Wales, meaning tens of thousands of people are navigating the same financial pressures right now.

While borrowing during an IVA is possible, it comes with strict rules, serious risks, and important limitations that every IVA holder needs to understand before making any decisions. Get it wrong and you could breach your arrangement, lose its protections, and find yourself in a significantly worse financial position.

In this guide, we break down everything you need to know, from your borrowing limits and how to get IP approval, to the loan types available, the risks involved, and the alternatives worth exploring first. 

What Is an IVA?

An IVA is a formal agreement that helps you manage your debts by paying back a portion of what you owe over usually five to six years. It can be used to cover a wide range of debts, including:

• Personal loans
• Credit cards
• Overdrafts
• Council tax arrears
• Hire purchase debts
• Money owed to HMRC
• Store cards
• Mortgage shortfalls

After the IVA term ends, whatever remains unpaid may be written off depending on the terms of your agreement. But while you’re in an IVA, you must follow strict rules about borrowing money, which can significantly affect how easily you can get a loan. 

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How IVAs Affect Borrowing Capabilities

Entering into an IVA changes the way you can borrow money. Here are some important things to keep in mind: 

1. It affects your credit score for six years.

When you have an IVA, it shows up on your credit report, held by the three main credit reference agencies, Experian, Equifax and TransUnion, for six years from the date it’s approved. 

This negatively impacts your credit score, making you appear as a risky borrower to lenders. Because of this, some lenders may reject your application altogether.

2. There is a strict £500 borrowing limit.

If you’re in an IVA, you can borrow up to £500 without needing written consent from your Insolvency Practitioner (IP). If you want to borrow more than £500, you must obtain written permission from your IP before proceeding. 

Importantly, this £500 limit applies not only to formal lenders but also to borrowing from friends and family. This is because during an IVA, you are legally required to treat all your creditors fairly. If you were to borrow money from a friend or family member and repay them first, this would be considered preferential treatment over the creditors included in your IVA, which could put your arrangement at risk.

3. Traditional lenders are harder to access.

It might be difficult to get loans from high street banks, but some specialist lenders do offer loans for people with an IVA. However, these loans often come with higher interest rates and stricter terms due to the perceived risk you represent as a borrower.

4. Payday loans carry serious risks.

Payday loans might seem like a quick fix if you need cash fast, but they typically carry extremely high interest rates. Taking out a payday loan during an IVA could make your financial situation significantly worse and may put your arrangement at risk.

5. Some lenders specialise in IVA borrowing.

Certain direct lenders work specifically with people who are in an IVA. However, these loans tend to be expensive and may come with tough repayment conditions, so it’s essential to understand the full cost before committing.

6. Borrowing without written consent is a serious breach.

If you borrow money during your IVA without first obtaining written permission from your IP, you could breach the terms of your IVA agreement. This can have serious consequences, which we’ll cover in more detail later in this article.  

Let’s explore the above points in detail in the coming sections. So, keep reading the article. 

Where Can I Get a Loan With an IVA?

Getting a loan while in an IVA might be difficult but not impossible. However, whichever option you consider, always verify that any lender is authorised and regulated by the Financial Conduct Authority (FCA) by checking the FCA register before applying. This protects you from unregulated lenders who may exploit your vulnerable financial situation. 

Below are the options available: 

1. Bank Loans

Traditional bank loans are usually personal loans you get from high street banks or other financial institutions. These loans are usually for large amounts, ranging from £1,000 to £25,000 or even more, with repayment terms stretching over one to seven years.

If you’re in an IVA, getting a traditional bank loan is likely to be very difficult. Banks will check your credit carefully and most will be unwilling to lend to you while an IVA is on your record. Some high street banks may be open to discussing terms that fit within your IVA, but this is rare and entirely at their discretion. 

2. Payday Loans

Payday loans are short-term, high-interest loans designed to cover unexpected expenses until your next paycheck. They’re usually small, ranging from £100 to £1,000, and must be repaid within a few weeks.

Payday loans often carry interest rates of over 1,000% APR. If you can’t repay on time, interest accumulates rapidly and you could find yourself in significantly more debt. Getting a payday loan while in an IVA is strongly discouraged, as it can make your financial problems considerably worse and put your arrangement at risk. 

3. Direct Lender Loans

Direct lenders are companies or financial institutions that provide loans without going through middlemen. Some direct lenders specifically focus on offering loans to people in IVAs and create loan products tailored to their situation.

While some direct lenders may be more flexible with credit checks, they typically charge high interest rates and impose stricter repayment terms. If you want to borrow more than £500, you will still need written permission from your Insolvency Practitioner (IP) before approaching any direct lender. 

Always ensure you can manage the repayments without compromising your IVA commitments. 

4. Credit Union Loans

Credit unions are community-based, not-for-profit lenders that take a more holistic view of your financial situation rather than relying solely on your credit score. This can make them a more accessible and fairer option for people in an IVA compared to specialist or payday lenders.

Key things to know about credit union loans:

• They tend to offer lower interest rates than specialist IVA lenders or payday lenders.
• They assess your full financial circumstances, including your IVA obligations, before lending.
• You will typically need to become a member first, which usually involves living in a certain area or belonging to a specific community or employment group.
• You still need written consent from your IP if borrowing more than £500.

If you’re struggling to find affordable borrowing during your IVA, a credit union is often one of the most responsible options worth exploring. 

5. Secured Loans

A secured loan requires you to use an asset, typically your home or car, as collateral against the borrowing. Because this reduces the risk for the lender, it can be easier to get approved for a secured loan even with an IVA on your credit file.

However, secured loans carry a significant risk: if you fail to keep up with repayments, the lender has the legal right to seize and sell your asset to recover the money. This means you could lose your home or vehicle. Given the financial pressures of being in an IVA, taking on a secured loan should be considered very carefully and only after consulting your IP. 

6. IVA Early Settlement Loans

Some lenders offer loans specifically designed to help you pay off your IVA early. These are marketed as a way to exit your IVA ahead of schedule and begin rebuilding your credit score sooner.

While the idea of finishing your IVA early is appealing, there are important warnings to consider:

• These loans almost always come with high interest rates, meaning you could end up paying significantly more overall than if you simply completed your IVA as planned.
• Your IP and creditors will need to agree to any early settlement proposal.
• Your creditors will also want to know the source of the funds to ensure they haven’t come from illegal activity or money laundering.
• If your circumstances have genuinely improved and you want to settle early, always speak to your IP first. They may be able to negotiate a lump sum settlement without you needing to take out a new loan at all.  

Are there any rules for people with IVA who need loans?  

Borrowing Limits and Requirements

Having a good understanding of exactly what the £500 borrowing limit covers is critical to staying within the terms of your IVA. Many people assume it only applies to formal loans, but the rules are much broader than that. 

The £500 Borrowing Limit: What Does It Actually Cover?

The £500 limit applies to all forms of credit and borrowing, not just personal loans. This includes:

• Personal loans
• Payday loans
• Credit cards
• Overdrafts
• Store cards
• Salary reduction schemes
• Borrowing from friends and family

This means that even something as informal as asking a family member to lend you £600 requires written consent from your IP before you accept the money. Many people in IVAs are unaware of just how broadly this rule applies, which can lead to unintentional breaches of their arrangement. 

Why Does the £500 Rule Apply to Friends and Family?

It might seem unusual that borrowing from someone you trust personally requires the same formal permission as taking out a bank loan. The reason comes down to creditor fairness.

During your IVA, you are legally obligated to treat all creditors equally. If you were to borrow money from a friend or family member and repay them ahead of your formal creditors, this would be considered preferential treatment, essentially jumping them to the front of the repayment queue. 

This is a breach of your IVA terms and can put your entire arrangement at risk. Your IP’s role is to ensure that all creditors are treated fairly throughout the process, which is why this rule exists even for informal borrowing. 

Why is the £500 Limit Set at That Amount?

The £500 limit is specifically designed to prevent you from taking on excessive debt while you are still working to repay your existing obligations. It acts as a financial safeguard to ensure that additional borrowing doesn’t derail your repayment plan or make your overall debt situation worse.

For borrowing under £500, you may consider small personal loans, credit cards, or other forms of credit without needing IP approval. 

However, lenders will still carry out their own affordability and creditworthiness checks, reviewing factors such as your credit history, income, and existing debts before deciding whether to approve your application. 

Getting Written Permission from Your IP: What It Does and Doesn’t Mean

If you need to borrow more than £500, obtaining written consent from your IP is a necessary first step. But it is important to understand that IP permission does not guarantee that a lender will approve your application.

These are two separate hurdles you must clear:

Hurdle 1: Your IP’s written consent 

Your IP will assess whether the borrowing is necessary, affordable, and unlikely to jeopardise your IVA commitments. Even with a strong case, your IP will often advise against additional borrowing and may suggest alternatives such as adjusting your monthly IVA payments instead.

Hurdle 2: The lender’s approval 

Even after obtaining written permission from your IP, lenders will still run their own credit checks. Because your IVA is recorded on your credit file with Experian, Equifax and TransUnion, lenders will see you as a higher-risk borrower. 

This means you may still face:

• Outright rejection from the lender,
• Higher interest rates than standard borrowers,
• Stricter repayment terms and conditions.

In short, yes, IP permission opens the door to applying, but it does not guarantee you’ll be accepted or that the terms offered will be affordable.  

Steps to Get Approval from Your IP for Loans Exceeding £500

If you need to borrow more than £500 while in an IVA, obtaining written consent from your Insolvency Practitioner (IP) is a mandatory first step. 

Here’s how to approach the process: 

Step 1: Review Your Financial Situation

Before contacting your IP, take an honest look at your finances. Consider your income, monthly outgoings, and crucially, whether you can realistically afford the new loan repayments on top of your existing IVA payments. If the numbers don’t comfortably add up, your IP is unlikely to grant written permission and may suggest an alternative solution instead. 

Step 2: Prepare Your Documentation

Gather all paperwork that clearly demonstrates your current financial position. This typically includes:

• Recent payslips
• Bank statements
• A detailed monthly budget showing all income and expenses
• A clear explanation of why the loan is needed

The stronger and more transparent your documentation, the better your chances of your IP taking your request seriously. 

Step 3: Contact Your IP

Reach out to your Insolvency Practitioner and clearly explain that you wish to borrow more than £500. Be completely honest about the reason for the loan and how you intend to manage the repayments. Attempting to conceal borrowing from your IP is a serious breach of your IVA terms and can have severe consequences. 

Step 4: Understand What Your IP Will Assess

Before granting written consent, your IP will carefully evaluate your request against the following criteria:

• Is the loan genuinely necessary? Your IP will want to understand whether this is an essential need or something that could be managed another way.
• How long will repayment take? The longer the repayment term, the greater the financial strain on your IVA commitments.
• Can you afford the repayments alongside your IVA payments? This is the most critical question, as your IP will not grant written permission if new repayments risk derailing your existing arrangement.
• Does the purpose of the loan make financial sense? For example, a loan that reduces your overall monthly costs may be viewed more favourably than one that simply adds to your outgoings.

Step 5: Consider Your IP’s Alternative Suggestions

It’s important to know that your IP’s first instinct will often be to suggest alternatives to borrowing rather than granting permission for a new loan. One of the most common alternatives is adjusting your monthly IVA payments to a more manageable amount, which removes the need for additional borrowing altogether.

Your IP may also suggest:

• A short-term payment break depending on your circumstances,
• Proposing a formal variation to your IVA terms to reduce payments,
• Exploring salary advance schemes through your employer.

Always listen carefully to these suggestions before pushing ahead with a loan application, as they may resolve your financial pressure without the risks that come with new borrowing. 

Step 6: Await Written Confirmation

Your IP will review your full request, including your repayment plan and overall financial position. If they are satisfied that new borrowing won’t jeopardise your IVA, they will provide written consent confirming their approval. Do not approach any lender until you have this written confirmation in hand. 

Step 7: Understand the Full Loan Terms

If your IP grants written permission and a lender approves your application, make sure you fully understand every aspect of the loan before signing anything. 

This includes:

• The interest rate and total cost of borrowing
• Exact repayment schedule and amounts
• Any additional fees or early repayment charges
• What happens if you miss a payment

Never sign a loan agreement you don’t fully understand, particularly when you are already in an IVA. 

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How to Apply for a Loan With an IVA

Once you have obtained written consent from your IP, you can begin the process of actually applying for a loan. Having an IVA means the application process requires more care and preparation than a standard loan application.

Follow these steps to give yourself the best possible chance of approval: 

Step 1: Shop Around (Focus on Specialist Lenders)

High street banks are unlikely to approve a loan application from someone currently in an IVA. Rather than wasting time on applications that will almost certainly be rejected, which can further damage your credit score, focus your search on specialist lenders who specifically work with IVA holders. 

Credit unions are also worth approaching as they assess your full financial situation rather than relying purely on your credit score. 

Step 2: Verify the Lender is on the FCA Register

Before engaging with any lender, check that they are authorised and regulated by the Financial Conduct Authority (FCA). You can do this quickly and easily using the FCA register at register.fca.org.uk. 

This is a non-negotiable step, as people in IVAs can be targeted by unregulated or predatory lenders who charge excessive rates and operate outside the law. If a lender isn’t on the FCA register, walk away immediately. 

Step 3: Compare Interest Rates Carefully

Because of your IVA, lenders will typically offer you higher interest rates than they would a standard borrower. Before committing to anything, compare the rates and total repayment costs across multiple lenders. Even a small difference in interest rate can add up to a significant amount over the loan term. 

Always look at the total cost of borrowing, not just the monthly repayment figure, to get a true picture of what the loan will cost you. 

Step 4: Gather Your Documentation

Lenders will apply stricter approval criteria to applicants with an IVA, which means you should expect to provide more documentation than usual. Have the following ready before you apply:

• Recent payslips as proof of income
• Up-to-date bank statements
• Valid photo ID such as a passport or driving licence
• Proof of address such as a utility bill or council tax letter
• Your IP’s written consent confirming permission to borrow

Having everything prepared in advance speeds up the process and demonstrates to lenders that you are organised and financially responsible. 

Step 5: Be Upfront With Lenders About Your IVA

Always disclose your IVA to any lender before or during the application process. Attempting to conceal it is not only dishonest but also unlikely to succeed, as lenders will discover it through their credit checks anyway. 

Being transparent from the outset allows the lender to accurately assess your ability to repay and ensures there are no surprises that could derail your application at a later stage. Lenders who specialise in IVA borrowing will already be familiar with your situation and better placed to offer suitable products. 

Step 6: Submit Your Application and Await the Decision

Once you have identified a suitable FCA-regulated lender, compared rates, and prepared your documents, you can submit your application. Most lenders allow you to do this online. After submitting, you will need to wait for the lender’s decision. This can take anywhere from a few hours to several days depending on the lender.

• If approved, read the full loan agreement carefully before signing. Pay particular attention to the repayment schedule, interest rate, and any penalty clauses for missed payments. 
• If rejected, avoid making multiple applications in quick succession as each one leaves a mark on your credit file and can further lower your credit score. 

Risks Associated with Loans for People with IVA

Borrowing during an IVA involves several serious risks, as shown below, which you need to understand before making any decisions. 

1. High-Interest Rates: 

Lenders see people with an IVA as risky borrowers because they’ve had financial problems before. Because of this, lenders may charge higher interest rates to cover the chance that you might not pay the loan back.  

Most lenders use credit reference agencies to check your financial history, and your IVA will show up, making it hard to get good loan terms. 

2. Limited Options:

There aren’t as many lenders willing to give loans to people with an IVA. Many big banks might not lend to you at all, so you end up looking at specialised lenders.  

However, these lenders often charge high interest rates because they see you as a bigger risk, and since there’s less competition in this area, they would keep the rates high.

3. Nature of Loan Types:

Loans targeted at individuals with IVAs, such as payday loans or short-term loans, often come with extremely high interest rates. While these loans may provide quick access to funds, they carry significant risks. 

Borrowers could face increased financial strain, fall into a debt spiral, or even breach the terms of their IVA, potentially jeopardising their debt repayment plan. It’s crucial to carefully consider these risks and explore alternative options before proceeding.

4. Breaching Your IVA: The Most Serious Risk

This is the most critical risk to understand, and one that many people in an IVA are not fully aware of.

Your IVA is a legally binding agreement. If you borrow more than £500 without first obtaining written consent from your IP, you will be in breach of your IVA terms. Here is exactly what happens when a breach occurs:

• You will receive a formal breach notice from your IP, informing you that you have broken the terms and conditions of your arrangement.
• You will be given a set timeframe to resolve the breach. This typically means either repaying the unauthorised borrowing or providing a satisfactory explanation to your IP.
• If you fail to resolve the breach within the given timeframe, your IP has the right to call a meeting with your creditors to discuss the situation.
• Your creditors can then vote to cancel your IVA entirely. If this happens, your IVA will fail and you will lose all of the protections it provided.
• Once your IVA is cancelled, all of your original creditors are free to pursue you directly for the full amounts owed, potentially leading to county court judgements, bailiff action, or even bankruptcy proceedings against you.

In short, unauthorised borrowing during an IVA doesn’t just make your financial situation harder. It can completely unravel the debt solution you have been working towards, leaving you in a significantly worse position than before you entered the IVA. 

5. Long-Term Financial Impact

Even if a breach doesn’t occur, the high interest rates attached to loans available during an IVA can push you into deeper financial difficulty over time. 

If repayments become unmanageable, you may find yourself needing to borrow again to cover shortfalls, creating a cycle of debt that becomes increasingly difficult to escape. Every missed payment or default also further damages your credit score, making future borrowing even more expensive and harder to access. 

6. Potential Debt Spiral

Taking on additional borrowing while already in an IVA can stretch your finances beyond breaking point. Missing payments on a new loan while simultaneously trying to maintain your IVA contributions creates compounding financial pressure that can be extremely difficult to recover from. 

The stress and anxiety of managing multiple debt obligations should not be underestimated as a real and serious consequence of borrowing during an IVA. 

Alternatives to Traditional Loans During an IVA

Taking out a loan during an IVA should always be a last resort. Before pursuing any borrowing, it is worth exploring the alternatives below, many of which carry far less risk to your financial situation and your IVA arrangement. 

1. Speak to Your IP About Adjusting Your IVA Payments

Before looking anywhere else, your first call should always be to your IP. If you are struggling financially, your IP may be able to:

• Reduce your monthly IVA payments by up to 15% if you can evidence a change in circumstances.
• Propose a formal variation to your IVA terms to reduce payments further.
• Grant a short-term payment break depending on your situation.

This is often the simplest and safest solution as it works within your existing arrangement rather than adding new financial obligations on top of it. 

2. Salary Advance and Reduction Schemes

Some employers offer salary advance schemes that allow you to access a portion of your wages before your usual payday. Others offer salary reduction schemes such as season ticket loans, where the cost of a travel pass is spread across monthly salary deductions.

These options can be particularly useful because:

• They are often interest-free or very low cost compared to any formal loan.
• Your IP may be more willing to approve them since they can reduce your monthly outgoings and leave you better off overall.
• They do not involve taking on new external debt.

Always inform your IP before entering any salary scheme, as written consent may still be required depending on the amount involved. 

3. Credit Unions

Credit unions are not-for-profit, community-based lenders that take a more sympathetic view of borrowers in financial difficulty. Unlike high street banks or specialist lenders, they assess your full financial picture rather than making decisions based purely on your credit score.

Benefits of credit unions include:

• Generally, lower interest rates than payday lenders or specialist IVA lenders.
• A more flexible and personal approach to lending decisions.
• A community-focused ethos that prioritises responsible lending.

To access a credit union loan you will typically need to become a member first. Membership is usually based on where you live, where you work, or a community group you belong to. 

4. Debt Consolidation Loans

A debt consolidation loan combines multiple existing debts into a single monthly payment, ideally at a lower interest rate. This can simplify your finances and potentially reduce your monthly outgoings.

However, if you are currently in an IVA, be aware that:

• Your credit history may make it difficult to get approved for a consolidation loan on favourable terms
• You must ensure the new loan terms are genuinely better than your existing debts before proceeding
• You will need written consent from your IP before taking out any consolidation loan over £500
• A debt consolidation loan is not the same as an IVA (an IVA combines debts into one payment without requiring new borrowing) 

5. Credit Counselling and Debt Management Plans 

A credit counsellor can help you create a personalised Debt Management Plan (DMP) that consolidates your debts into one manageable monthly payment, often negotiating directly with creditors to reduce interest rates or restructure payment terms.

Key points to consider:

• A DMP could potentially affect your existing IVA, so always consult your IP before pursuing this route
• This option is particularly well suited to those who are post-IVA and rebuilding their finances 

If you think a DMP could work for your situation, at Debt Advisory Services our qualified advisors can review your full financial circumstances, help you understand whether a DMP is suitable, and guide you through all available options clearly and honestly. 

6. Emergency Financial Assistance

If you need urgent financial help, there are options available that don’t involve taking on new debt:

• Government assistance programmes, including local council hardship funds and housing assistance schemes.
• Charitable grants provided by various charities offer assistance for specific needs such as utility bills, essential household items, or emergency costs. Unlike loans, grants do not have to be repaid.
• Local community resources, like food banks, community support schemes and local authority emergency funds, can provide short-term relief during periods of acute financial pressure .

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Among them, at Debt Advisory Services, we provide expert guidance and practical resources to help you explore all the debt solutions available in the UK and take control of your finances. 

Here’s why you can trust us for debt help:

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Conclusion

Getting a loan while in an IVA is possible, but it should always be a last resort. Your options are limited, costs are higher, and the risks around breaching your IVA are serious enough to undo all the progress you’ve made.

Before borrowing, always exhaust the alternatives first, speak to your IP, explore salary advance schemes, or seek independent debt advice. If borrowing is unavoidable, obtain written consent from your IP, verify the lender is on the FCA register, and never sign anything you don’t fully understand.

Once your IVA is complete, you’ll receive a completion certificate which you can present to Experian, Equifax and TransUnion to begin rebuilding your credit. Waiting at least six months before applying for new credit will give your score time to recover and improve your chances of accessing better terms.

Stay committed to your IVA payments, every one brings you closer to a debt-free future. 

Key Takeaways

1. An IVA is a formal, legally binding agreement to manage debt, allowing you to pay a portion of what you owe over typically five to six years, after which remaining debt may be written off.
2. An IVA is recorded on your credit file by Experian, Equifax and TransUnion for six years from the start date, significantly lowering your credit score and making you a higher-risk borrower in lenders’ eyes.
3. You can borrow up to £500 without written consent from your Insolvency Practitioner (IP). This limit applies to all forms of borrowing, including credit cards, overdrafts, and borrowing from friends and family.
4. Borrowing more than £500 without written IP consent is a serious breach of your IVA. This can result in a formal breach notice and ultimately the cancellation of your IVA, leaving creditors free to pursue you directly.
5. Loans available to IVA holders almost always carry higher interest rates and stricter terms, always verify any lender is on the FCA register before applying.
6. Payday loans are strongly discouraged during an IVA as their extremely high interest rates can rapidly worsen your financial situation and put your arrangement at risk.
7. Credit unions are often one of the most responsible borrowing options for IVA holders, offering lower rates and a more holistic assessment of your financial situation.
8. Alternatives such as IP payment adjustments, salary advance schemes, debt consolidation, and credit counselling are always preferable to taking on new high-interest borrowing during an IVA.
9. On completing your IVA you will receive a completion certificate which you can present to credit reference agencies to begin rebuilding your credit score.

Always obtain written consent from your IP before making any borrowing decisions during your IVA, and wait at least six months after completion before applying for new credit.

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