Data Protection Number: Z126700X | Consumer Credit License: 539989 | UK Registered
Data Protection Number: Z126700X | Consumer Credit License: 539989 | UK Registered
IVA stands for Individual Voluntary Agreement. It is a legally binding agreement between you and your creditors. The agreement means in most cases a freezing of interest payments, reduction in total debt owed and legal protection from creditors.
It is an official agreement as it is legally binding. It must be supervised and approved by a licensed insolvency practitioner. As long as you fulfil the agreed payments you have total protection from any legal action.
Typically debts are paid off within 5 years. You pay according to whatever monthly income you can afford. The amount you can not afford to pay, in most cases, can be written off. This can be any amount upto 75%.
Difficult to answer without knowing your financial circumstances. For us to quickly assess your financial situation, fill in our debt help form and talk to our debt advisors for a non obligation chat. They will be able to ascertain if you are eligible for such a programme and talk with you about any knock-on effects that you may experience.
If you are eligible then your creditors will also have to approve the agreement. You will need at least 75% of your creditors to approve before an IVA is accepted.