What is an IVA?

An IVA stands for an 'Individual Voluntary Arrangement'.

It is a legally binding agreement between you and your creditors. The arrangement will normally last 5 years and during this period you will be expected to pay what you can afford outside reasonable living costs.

  • All unsecured debts must be declared into your IVA.
  • Your IVA payment will be calculated prior to the IVA being set up and will be reviewed on an annual basis.
  • All interest and charges will be frozen to 0% by law and your creditors will be prohibited from demanding additional payments as long as you maintain your monthly IVA payment.
  • After your IVA has completed successfully any remaining debt will be legally written off.

To see if an IVA is right for you, try our