Individual Voluntary Arrangements (IVAs)
Individual voluntary arrangements (IVAs) can be a good way to become debt free in a very managed way. IVAs are the government's preferred tool for debtors who cannot realistically pay off their debts to reach an agreement with their creditors. To make these agreements attractive to all parties arrangements are structured to guarantee:
- All your debts including all interest are completely written off in five years.
- All interest is frozen with no further interest to be charged.
- Your credit file is completely repaired one year after the IVA is completed.
- You only pay what you can afford over a five year period.
- No further communications occur between you and your creditors.
To understand more about Individual Voluntary Arrangements also see:
Criteria
Considerations
Costs
Merits
Our FREE Credit Report will tell you which solution may be best for you.