What is an Individual Voluntary Arrangement or IVA?

What is an Individual Voluntary Arrangement or IVA? 1

An Individual Voluntary Arrangement, or IVA, is essentially a legal agreement between you and your creditors to repay your debts, usually through affordable monthly payments, over a five-year period.

The amount offered must be reasonable, and usually will result in a percentage of the debt being repaid and the balance is written off.

75% of creditors who vote for an IVA, must vote to approve it, for the arrangement to come into effect.

More information can be found here.

Alternatively, if you would like a free face to face, or telephone meeting, with a Licensed Insolvency Practitioner, please ring 01326 340 579 or 01305 458 383, to arrange a mutually convenient time and date to discuss the options open to you.

 

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