Individual Voluntary Arrangements IVA
Do you qualify for an IVA?
An Individual Voluntary Arrangement or IVA is a formal agreement between you and your creditors arranged through an Insolvency Practitioner or IP. Under the terms of the IVA the payments you make will be less than the full amount of your debts and by agreeing to the tems of the IVA your creditors are accepting the offer as a full and final settlement of their claim.
Typically you will make regular monthly payments into your IVA over a 5 year period although you may also be required to make a lump sum payment depending on the terms of the agreement. Your creditors may vote to decide whether or not to accept the IVA proposal but once agreed the IVA is legally binding on both you and your creditors.
Creditor
Someone you owe money to.
Unsecured lending
Total loan & credit card debts excluding your mortgage and any hire purchase.
Country
The country you currently live in.