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Individual Voluntary Arrangement

Individual Voluntary Arrangement (IVA) is a voluntary arrangement between you and your creditors. You will agree on an affordable monthly contribution to repay part or all of your debt, usually over a period of 60 months.

Available in England, Wales or Northern Ireland

  • You may be able to write off unaffordable debt
  • Repay the rest with a simple monthly payment plan
  • No more nuisance calls or letters – payment demands are stopped
  • Interest and charges are frozen

ADVANTAGES

  • Debt free in 5 years
  • Telephone calls and payment demands stopped
  • Interest and late payment charges frozen
  • One single, monthly, affordable payment
  • Fixed, legally binding agreement
  • Protection from further court action

CONSIDERATIONS

  • No unsecured borrowing during the arrangement.
  • Less costly than bankruptcy
  • If you fail to maintain payments to your IVA , your creditors can add new interest and can pursue your bankruptcy
  • Your credit rating is affected

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