Individual Voluntary Arrangement
An Individual Voluntary Arrangement is a formal and legally binding agreement between you and your creditors, administered by a licensed Insolvency Practitioner, which can last up to five years. It provides both parties with certain legal protection whilst you solve your debt problems.
Once the agreement is in place, your creditors must stop all further interest and charges on your debts. If you maintain the agreed repayments, any outstanding debt included in the IVA is written off at the end of the term.
This is a good solution for you, or as a joint solution with a partner if you have two or more creditors and you are unable to pay your debts. It means that you make the best efforts to clear your outstanding debt whilst negating the possibility of losing your assets, including your home, by giving you more control over your debts.