IVA (Individual Voluntary Arrangement)

An IVA is a procedure whereby you (and/or your partner) come to an arrangement with your creditors to make a payment that you can afford. An IVA is a legal procedure, governed by The Insolvency Act 1986, so once your proposal has been accepted by your creditors they are bound by the terms of the agreement.

It usually lasts for 60 months or less and can mean that a large percentage of your debt is written off. Under an IVA you would make one payment each month for the duration of the IVA. This payment will then be divided out between your creditors. The payment you will make and the duration of the IVA is based solely on your personal circumstances and will be at a level you can afford.

During the term of your IVA your case supervisor will be responsible for all communication between you and your creditors. This means that you should no longer receive calls and letters from your creditors. If a creditor calls you during your arrangement you can simply give them the number of your case supervisor who will deal with all queries.

Benefits of an IVA

	DEBT FREE IN 60 MONTHS		QUICK RESPONSE TURNAROUND
	1 EASY MONTHLY PAYMENT		CREDIT PRESSURE STOPPED
	ALL INTEREST FROZEN		PROTECTION FROM CREDITORS
	NO UPFRONT FEES		CAN BE PROPOSED JOINTLY WITH PARTNER
	TENANTS/HOMEOWNERS WELCOME		NO EMPLOYER CONTACT

IVA - Frequently Asked Questions

To find out more about an IVA apply online now or call 0800 043 0550 to speak to one of our expert advisors.