Freeze interest and charges        Repair your credit rating        Stop demands from creditors    

 

Protect yourself from court action    

 

Agree a single monthly payment        Become debt free in 5 years  

Individual Voluntary Arrangements (IVAs)

What is an Individual Voluntary Arrangement?

Individual Voluntary Arrangements (IVAs) were introduced by the Government in 1986. They provide a way for you to deal with your debts with fewer potential long term consequences than bankruptcy.

An IVA is a binding legal agreement between you and the people you are struggling to repay (your creditors). These might be credit cards, store cards or possibly loan companies. The IVA typically lasts for a period of up to five years and at the end you will be completely free of the debts included in the agreement.

What does an IVA involve?

The IVA arrangement involves you making one affordable monthly contribution towards your debts. This continues for the length of the IVA, after which any outstanding debt is written off. The amount written off depends on your individual circumstances and can be as much as 60-70% of the debt. Additionally, interest on your debts will be frozen and creditors should not contact you asking for money. Things you own, such as your home, can be protected under the IVA.

 

Getting an IVA is not a miracle solution to your debt problems but lots of people find that by using a Debt Management Scheme it is possible to get on top of their debts by restructuring their payments.

 

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