IVA's - A Quick Summary

What is an IVA?

IVA stands for Individual Voluntary Arrangement and is a formal agreement between you and your creditors for paying off your outstanding debts.

An IVA allows you to pay a reduced amount to your creditors for a fixed period (usually 5 years) after which, any remaining debt will be written off provided you have made all of your pre-agreed monthly payments on time.

As an IVA is a legally binding agreement, it has to be set up and overseen by a Licensed Insolvency Practitioner.

The main aim of an IVA is to help people who are having difficulties paying their creditors in full and on time each month and allows a formal proposal to be made in order to settle their debts and become debt free.

IVA’s are only available to residents of England and Wales. The Scottish equivalent of an IVA is known as a Protected Trust Deed; please call us for more information on these.

Call now on 08000 43 43 41 to discover if an IVA could be the solution to your debt problems or complete our IVA Wizard and see if you qualify for an IVA