An Individual Voluntary Arrangement, or IVA, is a formal agreement between you and your creditors that is designed to help you manage your debts.
A licensed Insolvency Practitioner will negotiate with your creditors & agree what you can realistically afford to repay. You then pay one lower monthly fee & at the end of your IVA period (5 or 6 years) your remaining unsecured debt will be written off - this can be as much as 85% of your debts.
The benefits of an IVA are:
- More affordable repayments
- Stop creditors hassling you
- Legally protects you from bailiffs
- Stops attachment to earnings
- Write off remaining debts & get debt free