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An IVA (Individual Voluntary Arrangement) is a process set up by the government within the 1986 Insolvency Act that allows for a person in debt to make a formal arrangement with their creditors without the need to file for bankruptcy.

The IVA usually lasts for five years and any outstanding amounts left at the end of the term will usually be written off.

An IVA will enable you to make reduced, affordable monthly payments over a fixed term.

Once you enter into an IVA and adhere to the agreed monthly payments, your creditors will be restricted by law from contacting you.

Benefits of an IVA:

- Any unpaid balance of your debts is written off - as much as 75%

- Protects you from further action by your creditors

- One affordable monthly payment - usually for five years

- Government legislation that helps you clear your debts in 60 months

- Creditors are legally bound by the terms of the agreement

- Real alternative to declaring yourself Bankrupt

- Avoid public notices affecting your reputation


For more information on IVA's, call us now!