An IVA is an Individual Voluntary Arrangement – and is a step up from a Debt Management Plan. An IVA can be entered into if you owe more than £15,000 in unsecured debts to 3 or more creditors. An IVA is a formal agreement between you and your creditors to make reduced payments towards the total amount of your debt in order to pay off a percentage of what you owe. After 5 years your debt is normally classed as settled.
This is often viewed as a step before declaring yourself bankrupt and should not be considered lightly. When you complete out short debt help
form you will be advised if an IVA is an option for you or not.
All advice given to you whether it is for Debt Management
or an IVA is given to you without any charge – and you are not under any obligation to take any advice or recommendations given to you.
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