Individual Voluntary Arrangement (IVA)

An IVA is a Government initiated procedure dating back to 1986. This legislation is suitable for those with more than £15,000 of unsecured debt and are in regular employment. It was introduced as a less severe alternative to bankruptcy.

What is an IVA?

An IVA allows you to make reduced repayments to your creditors (the companies that you owe money to) over 60 months, after which any remaining debt is written off.

Once your IVA has been approved, it is legally binding between you and your creditors. They will stop all interest and charges on your account and drop any legal action against you, including bankruptcy proceedings.

An IVA can only be arranged by a licensed I.P (Insolvency Practitioner).

Contact Debts Management for IVA Advice:

An IVA is a less severe alternative to bankruptcy, and no other debt solution can write off any amount of your debt. For more information and to see if you can be Debt Free in 60 months, call us free on 0800 0481 777.

Terms & Conditions Apply. An IVA is for unsecured debts only, and should only be considered in extreme circumstances as failure to adhere to the IVA agreement could result in bankruptcy. Debt write off only applies when the IVA is agreed by your creditors and you have completed the, typically, 60 month term. Once your IVA commences, your monthly contribution is fixed and there are no additional fees on top. Our fees, paid by your creditors, are taken out of your monthly contributions to your IVA and will be notified to you in advance. Some homeowners may be required to remortgage.