An IVA is a formal legally binding agreement governed by the Insolvency Act of 1986 between an individual and his/her creditors. The Insolvency Practitioner will put together a proposal to the creditors for approval and administer the IVA once approved. The individual must be resident in England, Wales or Northern Ireland.

When you start an IVA it is implemented and supervised by one of our independent Licensed Insolvency Practitioners, the purpose of which is to enable you to reach a compromise with your creditors and avoid the consequences of bankruptcy. If you have over £10,000 of unsecured debts and struggling to pay them you may be able to propose an IVA to settle them and clear your debts permanently.

Payments into an IVA can vary from making just one single manageable monthly payment, based on your budget, for 60 months to proposing monthly payments as well as a lump sum from your house equity, alternatively you could offer a one off lump sum from a re mortgage, secured loan or third party funding with no necessity to make monthly payments. This will depend on your circumstance. After that the remaining debt is wiped clean, leaving you  debt-free. This means that an IVA can write off up to 75% of your debts, interest stops and you will be guaranteed debt free within 5 years.