An IVA (Individual Voluntary Arrangement) is a legally binding contract between the debtor and their creditors. It requires the debtor to made reduced monthly payments to their debt, and any unaffordable debt is automatically written off as part of the process.
All interest and charges are frozen on the debt, and no further legal action can be taken. At the end of the IVA term, typically a 60 month period, any remaining debt is legally written off.
IVA legislation was originally introduced by the Government as an alternative to bankruptcy. If you find that you are struggling with debts, then an IVA can be the perfect way to get your finances back under control.
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