Individual Voluntary Arrangement

What is an IVA?

Individual Voluntary Arrangements (IVA’s) were introduced by the Government in the 1986 Insolvency Act. They were put in place to help anyone in serious debt finding it difficult to make their monthly payments.

An IVA is a formal agreement with your creditors (the people you owe money to) where you agree to pay only what you can afford. This is paid as a single monthly payment, usually over a period of 60 months. At the end of the period any remaining debt is written off and you owe nothing to your creditors.

You could write off up to 70% of your debts.

Provided you maintain your repayments as agreed, an IVA protects you from further legal action from your creditors.All interest and charges are frozen at the time the IVA is agreed.


IVA Advantages

IVA Disadvantages

Debts you can’t include in an IVA

Debts, which can be considered in an IVA

Criteria to qualify for an IVA

It is very important that you understand your legal rights and responsibilities if you are in debt. Expert debt advice can make an enormous difference to the outcome of any debt problems you are currently facing.


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