IVA FAQ's

What is an IVA?

An IVA (also known as an Individual Voluntary Arrangement) is a legally binding debt repayment agreement between an individual in debt (debtor) and the people he or she owes money to (creditors). It was introduced by the government as part of the Insolvency Act 1986 as an alternative to bankruptcy.

An IVA offers an affordable monthly payment, normally over a five year period. The amount that is repaid via an IVA is usually less than the total debt but is accepted by creditors as a final settlement.

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