IVA
An Individual Voluntary Arrangement (IVA) is a legally binding agreement that’s made between you and your creditors. It normally lasts for 60 months and can help to avoid bankruptcy in many cases.
Together we’ll look in your incomings and outgoings each month and work out what you can afford to pay towards your debts on a monthly basis. We’ll then use this information to put forward repayment proposals to your creditors and once accepted you’ll have legal protection from your creditors and they won’t be allowed to add any further interest or charges on to your debts.
At the end of the IVA any debt that hasn’t been repaid will be legally written off leaving you debt free to start afresh.