Individual Voluntary Arrangement or IVA

• An IVA in England or Individual Voluntary Arrangement is a formal agreement to make reduced repayments towards your debts between you and your creditors (people you owe money to).
• An IVA allows you to pay off a percentage of what you owe and is normally classed as settled after five years.
• An IVA has to be set up by a licensed insolvency practitioner. 

Why would anyone want to get tied into an IVA?

• The reason an IVA is so effective is because it is a formal agreement between you and your creditors.
• You agree to pay so much every month for the duration of the Individual Voluntary Arrangement and providing you keep up the payments, you will be totally debt free at the end of the term.
• All outstanding debts will be written off forever and your creditors cannot legally pursue you any more over these debts.
• Some people say that they liked the idea of an Individual Voluntary Arrangement or IVA in England because of how discreet it is.
• Many professionals use an IVA because it means their employers don’t get to know and so their careers are not affected.

If an Individual Voluntary Arrangement is something that you feel you would suit you to clear debt or you just think you need more information before going down that route, please get in touch.

• Our lines are open 24 hrs for anyone who needs confidential help to deal with an IVA or debt.