An Individual Voluntary Arrangement ( IVA ) is an agreement with your creditors to make a single reduced payment each month. Payments are normally made over a 5 year period, following which the remainder of your debt is written off. Please note that the IVA may be completed in 5 years but the effect on credit rating will last for 6 years.
You must have a minimum debt of £15,000 to apply. Look at Debt Management if your total debt is less than this.
For help and advice about IVA please call us on 0800 389 6339 or fill out our Call Back form on the right of this page.