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What is an Individual Voluntary Arrangement (IVA)?
An IVA is an agreement made between an individual and their creditors. It rolls all unsecured debts into one manageable payment over a period of time, usually five years. There is often an element of debt forgiveness or write-off, provided the agreement is adhered to.
How does an IVA work?
An IVA requires the assistance of an Insolvency Practitioner who creates an agreement that sets out a repayment plan based on an individuals monthly income and expenditure. The arrangement is then agreed between the individual and their creditors.
Agreed affordable monthly payments are made each month typically for a period of 5 years, after which any remaining debt is usually written off.
