IVA -Individual Voluntary Arrangement

An IVA is suitable for those with serious debt problems, unable to keep up on minimum repayments and have more than £15,000 of unsecured debt

You only repay what is affordable over a 60 month period, after taking into account your personal circumstances. Any unaffordable debt is written off at the end of the term.

Your creditors will be legally bound by the contract, and all interest and charges are frozen, meaning that your debt levels cannot increase. All legal action, including bankruptcy proceedings is stoppped.

IVAs were introduced as a less severe alternative to bankruptcy, and no other debt solution can write off any amount of your debt.

If you want to hear more about how an IVA can work for you,  call our expert advisors on 0808 131 9107.

Entering into an IVA may adversely affect your credit rating for up to six years from the date of approval.

Your property will be protected within an IVA but you may be required to release all or part of any equity during the period of the arrangement.

Failure to complete the term of an IVA can result in bankruptcy.

(In Scotland, a PTD is the equivalent to an IVA.)