An individual voluntary arrangement (IVA) is a formal and legally binding agreement between you and your creditors to pay back your debts over a period of time. This means it’s approved by the court and your creditors have to stick to it. An IVA can be flexible to suit your needs if you owe more than £5,000.
If you decide to get an IVA, you will work out a repayment plan with the insolvency practitioner. This could be monthly payments, a lump sum or a combination of both. The repayment plan should be based on an amount you can reasonably afford and the creditors will need to agree it. If you’re making monthly payments the IVA will usually last for 5 years. Any repayments will be paid directly to the insolvency practitioner. They will then distribute the money to your creditors.
Plus, if you are able to make a lump sum payment then your IVA may end before the five year term is over.
Apply for an IVA online.
Just complete the quick online form and start your free IVA application now!
