An Individual Voluntary Arrangement (IVA) is an agreement with your creditors to pay back what you can afford. You agree to make regular payments to an insolvency practitioner, who will divide this money between your creditors.
An IVA will give you more control of your assets than bankruptcy.
We will review your financial situation with you to help work out what is affordable. If an IVA is suitable, we can refer you to one of our preferred Insolvency practitioners. The practitioner will put forward a formal proposal with you, if the creditors accept this you are legally protected and creditors can no longer add interest and charges.
Provided you maintain payments, all unpaid debt is written off at the end of the IVA, IVA’s normally last for 60 months.