Individual Voluntary Arrangement or IVA

An IVA or Individual Voluntary Arrangement is a formal agreement to make reduced repayments towards your debts between you and your creditors (people you owe money to) as an effort to pay off a percentage of what you owe and is normally classed as settled after five years.

• An IVA has to be set up by a licensed insolvency practitioner.

Why would anyone want to get tied into an IVA?

• The reason an IVA is so effective is because it is a formal agreement between you and your creditors.
• You agree to pay so much every month for the duration of the Individual Voluntary Arrangement and providing you keep up the payments, you will be totally debt free at the end of the term.
• All outstanding debts will be written off forever and your creditors cannot legally pursue you any more over these debts.
• Some people say that they liked the idea of an Individual Voluntary Arrangement or IVA because of how discreet it is.
• Many professionals use an IVA because it means their employers don’t get to know and so their careers are not affected.

If an Individual Voluntary Arrangement is something that you feel you would suit you to clear debt or you just think you need more information before going down that route, please get in touch.

• Our advisors are here 24 hrs to help anyone who needs that help to decide how best to deal with their debts.