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