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What is an IVA?

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  • What is an IVA?

    By applying for individual voluntary arrangement (IVA) can we become debt-free?
    Debt Management Plan

  • #2
    An Individual Voluntary Arrangement (IVA) is an agreement between you and your creditors to help you pay off your debts at an affordable rate.

    IVA is a formal and legally binding agreement between you and your creditors to repay your debts over a period of time.

    It is that you agree to make regular payments to an Insolvency Practitioner, who will divide this money between your creditors.

    An IVA can give you more control of your assets than bankruptcy.

    An IVA can be used to stop action from a bailiff. However, whether it is the right solution for you will depend on a number of factors. some of them are below:

    When is a bailiff used?
    Is an IVA the right solution for you?
    What can you do in the meantime?

    Once you complete your final payment into the IVA your Insolvency practitioner will conduct a final review before issuing an IVA completion certificate as it is an important piece of paper which can take up to 6 months to arrive.

    When your IP issues the certificate the Insolvency service is also informed. Then they report to the three credit reference agencies. You will be removed from the insolvency register within three months, in the meantime, your arrangement should be shown there as completed.
    Debt Management Plan