What is An IVA?

An IVA or Individual Voluntary Arrangement is a scheme that allows you to turn your loans, credit cards, store cards and other debts into one affordable, single monthly payment so that you can pay off your debts and get on with your life.

An IVA could:

• Reschedule your debts into one monthly payment
• Write off a proportion of your debts within 60 months
• Write off all remaining debts at the end of the scheme
• Freeze any charges and interest **

An Individual Voluntary Arrangement - IVA is a formal agreement between you and your creditors where you will come to an arrangement with people you owe money to, to make reduced payments towards the total amount of your debt in order to pay off a percentage of what you owe then generally after 5 years your debt is classed as settled.

So, What Next?