IVA

An Individual Voluntary Arrangement is usually referred to as an IVA and can be an effective debt solution if you are in serious debt and owe more than £15,000. The Debt Advice Trust, a registered not for profit organisation, can provide you with free, expert, honest and impartial advice about IVAs and whether it would be suitable for you.

An IVA is an Individual Voluntary Arrangement because it is a debt solution you enter into of your own volition, unlike bankruptcy which can be forced upon you. Talk to us to find out more.

An agreement with your creditors

Before you can enter into an Individual Voluntary Arrangement, your creditors must agree to write off a certain part of your debts so that you only end up having to pay off the amount you can realistically afford - usually over a sixty month period. This is all detailed in your proposal and, if your creditors agree, then it is a legally binding contract on them and you.

Monthly repayments

With an Individual Voluntary Arrangement you will still have to make monthly repayments, but these will only be to cover the amount of debt it is felt you can manage. The amount your provider receives for doing this is agreed with your creditors and doesn't affect what you pay.

IVA FAQ's

• Q: Who is involved in agreeing to an IVA?

  A: In simple terms it's you, your IVA provider and your creditors. But talk to us first for further debt advice.

• Q: How do I choose an IVA provider?

  A: If we think an Individual Voluntary Arrangement is the right sort of debt solution for you, then we’ll recommend a reputable provider from our Approved Panel.

More IVA FAQ's