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INDIVIDUAL VOLUNTARY ARRANGEMENT INFORMATION
Below you will see information on Individual Voluntary Arrangement.
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IVAs
What is an IVA?
An IVA is short for an Individual Voluntary Arrangement, and was introduced by the government in 1986. In short it is an agreement which is reached between an individual who is struggling with excessive debts and his or her creditors. The agreement is generally that the individual promises to pay a manageable monthly amount for a set period (usually 5 years) which goes some way towards paying back the total debts. Basically it is a last resort to avoid bankruptcy, and the creditors will at least be sure to receive a certain amount of their money back. At the end of the agreed period and if the payments are made, the individual will be declared debt free.
What are the benefits of an IVA?
It is preferable to becoming bankrupt and even if you are already subject to a bankruptcy order; if you are accepted onto an IVA, your bankruptcy will be annulled. The interest rates on your debts will also be frozen, and payment can be made in one monthly transaction.
How Do I Qualify for an IVA?
You will need to owe more than £15,000 and generally have at least 3, 4 or more total creditors. You will also have to be in full time employment.
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