What is an IVA?

11 October 2011 - Which Way to Pay

    



What is an IVA?

IVA stands for Individual Voluntary Arrangement; they are plans to help get people out of debt introduced by the government in the 80s. IVAs are legally binding plans agreed to by both you and your creditors, helping you to manage debts and get debt free. To have your proposed IVA plan accepted, you need to have an excess of15,000 of debt with two or more creditors. This means that this is a solution for pretty severe debt, allowing you to avoid being declared bankrupt.

Interest rates are frozen and your monthly payments are consolidated into one manageable lump sum. Being accepted for an IVA also means that any legal action against you over your debts will stop and you wont have to deal with any of your creditors anymore. The majority of IVAs last for 5 years, during which time you will follow the payment plan agreed in the proposal. If you follow your IVA to the end, some of your remaining debt will be written off after 5 years.

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