What does IVA mean?

IVA is an abbreviation of Individual Voluntary Arrangement.

What Does an IVA mean to me?

An IVA is a formalised and legally binding agreement between the debtor and their creditors. It was introduced as part of government legislation to help those who are struggling to repay unaffordable debts and offers a way to avoid bankruptcy implications.

The IVA will provide the debtor with one lower monthly payment which covers all of their unsecured debts. A realistic monthly payment is calculated after deducting living costs and secured debt payments, such as mortgage or secured debt consolidation loan.

An IVA usually lasts for a period of 60 months. On completion of the IVA the debtor will become free of debt, meaning that any unpaid debt will be written off.

Not everyone is suitable for an IVA as it is dependant on both your personal and financial circumstances. For further information about what an IVA means, please contact our Individual Voluntary Arrangement team directly on 0800 048 1766.



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