An Individual Voluntary Arrangement (IVA) is a legal agreement reached between an individual or sole trader to make regular monthly payments on outstanding debts, allowing you to pay back what you can afford to.
Payments usually last about five years and CCJs and bailiff action will be stopped from pursuing you once the IVA is in place. It is a good alternative to bankruptcy when you are looking to protect assets such as your home.
A personal or sole trader IVA can last as long as seven years but is usually completed after five years.
No. Once an IVA is agreed and entered into, all interest and charges on debts are frozen and creditors cannot make demands for repayment during an IVA.
Anyone entering into an IVA will have more protection over their assets including their home and vehicles and may not be forced to sell to repay creditors.
Yes. An individual’s credit rating will be affected by the IVA but it can be built up once completed by showing that they can stick to an agreed repayment schedule
The amount will vary depending on your assets, the amount you owe, whether you are operating a business as a sole trader and other