An individual voluntary arrangement (IVA) is a legal agreement between you and your creditors (the companies you owe money to). It is used to pay back your unsecured debts over a fixed period of time, typically five years.
An IVA can only be created by an Insolvency Practitioner Someone that deals with the companies you owe for you.
YourIVA.co.uk is here to:
An IVA is applicable for unsecured debt only, such as:
Fill out the Your IVA Checker form, so we can help you decide if an IVA is the right solution for you.
If your circumstances indicate that an IVA is the right solution, you will be guided through a budgeting process to help calculate your potential IVA payment.
This is taken care of for you, which means you don’t need to have any contact with the companies you have debts with. Yours debts and interest charges are frozen. Your stress stops here.
You make just one payment each month to the Insolvency Practitioner. They take care of making the payments to the companies you have debts with.
When your iVA is complete, your remaining debts are written off (cancelled).