An IVA is a realistic alternative to bankruptcy, which the government introduced as part of the Insolvency Act 1986, to give people a second chance. Individual Voluntary Arrangements are a legally binding structured repayment plan, which benefits both you and your creditors.
The IVA must be affordable and appropriate for your individual needs and will be carried out by a licensed Insolvency Practitioner.
All the interest and charges on your accounts will be frozen. There will be just one affordable amount payable over an agreed term, usually 5 years.