An individual voluntary arrangement (IVA) is a formal and legally binding agreement between you and your creditors to pay back all or part of your debts over a period of time at an affordable rate.

Once you enter an IVA, creditors can take no further action against you and won’t be able to contact you directly. An IVA will affect your credit rating for six years and your information will also be placed on the public Register of Insolvencies for the duration of the plan but will allow you to clear your debts.

In an IVA, a single monthly payment is agreed upon with your current financial situation taken into consideration – this payment is then divided among the people you owe money to.



During the course of your plan, all interest and fees associated with your debts are frozen. At the end of the IVA, the remaining debts are written off and you can begin your debt-free future.

Advantage Of A IVA

Disadvantages Of A IVA

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