IVA

What is an IVA?

An IVA, or Individual Voluntary Arrangement, is a legal alternative to bankruptcy for those experiencing personal insolvency. In essence, it’s a legally binding agreement made between you and your creditors and involves you renegotiating your debt repayments according to what you can realistically afford. When your application is complete and successful, you’re left with one single payment to make each month for an agreed period of time.

How Long Does an IVA Last?

Usually, an IVA lasts for 60 months (5 years). At the end of this period of time, your debts are considered to be settled in full. This may be different if you are a home owner.

Am I Eligible for an IVA?

There are certain eligibility criteria you must meet in order to enter into an IVA. These include:

• You must be a resident of England, Northern Ireland or Wales. (If you live in Scotland see information on the Scottish Trust Deed).
• Your debts must exceed £15000.
• You must have a regular income and therefore be able to make a regular repayment.

If you don’t meet these criteria, we may still be able to assist you with an alternative debt solution.