What is

An individual voluntary arrangement is a  legally binding agreement between yourself and your multiple creditors to pay back the monies owed over a period of time.

What is an IVA?

An IVA is a formal and legally binding process that is made with your creditors to make payments over a period of time. It is a legal debt solution. This means it is agreed by the court and your creditors have to honor.

An IVA is different from bankruptcy.

An IVA must be set up by a qualified practitioner.

The insolvency practitioner deals with your creditors throughout the life of the IVA. So you will never have to call, phone or email them again and they will not be able to contact you either.

How do the repayments work?

If you decide to get an IVA, you will work out a monthly payment plan with your IP that is affordable as opposed to the unaffordable payments being made currently that are just covering interest.

Your monthly payment will be made directly to the IP who in turn will distribute these payments to your former creditors.

Can any of the debt be written off?

Yes, If the monthly payments that are affordable for you are not enough to cover the whole debt then the remainder is written off.