Individual Voluntary Arrangements (IVA)
An alternative to bankruptcy, suitable for those who have a significant debt problem,
usually debts of over 15 thousand pounds.
Key features:
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Lasts for a term of 5 years
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One affordable monthly payment
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Up to 75% of debt written off
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Interest and charges frozen
A legal arrangement which gives you protection from your unsecured creditors
by entering into an agreement with them which is then supervised by a licensed insolvency
practitioner, after which you could have an agreed amount of your debts written off. Usually
lasts for a term of 5years.
The supervisor of the Iva, The Insolvency Practitioner is required to review
your financial situation annually and advise you accordingly.
See FAQs on Individual
Voluntary Arrangements (IVA)
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