What is an Individual Voluntary Arrangement (IVA) ?

An Individual Voluntary Arrangement (IVA) is a deal with your creditors in which you agree to pay all or part of your debts. This is a debt management plan.

List

Agreement

Creditors

Debtors

You may get problems in credit for six years after you start IVA. You may not borrow more than £500 during your IVA without written permission from your insolvency practitioner (IP). Any potential future income or assets may be impacted by having an IVA. Monthly payments will be affordable, but you need to have a budget for the payment, you missed more payments then will affect your rating.

What are the Advantages of an IVA?

☛  Only Pay What You Can Afford   Protects Your Future.   Protects Your Assets   Protects Against Legal Action ☛  Protects Against Interest Protects Against Creditor Fees Protects Against Creditor Harassment Protects Your Reputation Protects Your Income Provides Possible Debt Write-Off Protects your Hire Purchase Agreement

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