Individual Voluntary Arrangement (IVA)

IVAs were introduced by the Government as a better alternative to bankruptcy, which offers less severe personal penalties. You still have a percentage of your debt written off, and you make reduced payments to your creditors over 60 months.

If you have over £15,000 of unsecured debt and are unable to keep up on minimum repayments, then an IVA could be your solution to becoming debt free.

Benefits of an IVA: 

• All unaffordable debt is written off by your creditors.
• It is a legally binding contact, which means that your creditors are bound by the agreement.
• You only make monthly repayments that are affordable to you, which are calculated by your personal circumstances.
• Just one 60 month repayment period.
• All of your interest and charges will be frozen.
• The guarantee of being free of unsecured debt at the end of the IVA term.
• 60 month repayment period, after which you will be debt free.
• All legal action, including bankruptcy proceedings are stopped.

If you want to know more about how an IVA can work for you, please call our expert IVA advisors on our freephone number, 0800 048 1767.