What is an IVA?
IVA refers to an Individual Voluntary Arrangement.
An IVA is a legally binding agreement between you and your creditors (excluding your mortgage lender) where you agree to make reduced payments towards the total amount you owe. The creditor agrees to write-off a proportion of the total balance after 5 years, and as a result, you ultimately pay a more affordable monthly payment, and repay less than the total amount you owe over the 5 year term.
An IVA is available when there is no prospect of you being capable of repaying all your debts, and normally allow you to become debt free within 5 years.
Due to its formal nature, an Individual Voluntary Arrangement (IVA) has to be set up by a licensed Insolvency Practitioner.
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