An IVA (Individual Voluntary Arrangement) is a voluntary yet formal agreement with your creditors that offers debt consolidation. It will enable you to pay all or part of your debts through agreed terms. IVA involves agreeing to make a monthly payment to an insolvency practitioner, who will then divide this money between your creditors.
IVAs were introduced as government legislation in 1986. Although sometimes longer, IVAs typically last 60 months and may write off a large proportion of your debt. We have detailed some information about IVAs below:
Before you enter into an IVA (Individual Voluntary Arrangement), there are other issues you should take into consideration. These are explained as follows: