An IVA is an official debt repayment plan that in most cases includes the freezing of interest, reduction in the total amount of debt owing, and legal protection from creditors as long as the terms of the IVA are adhered to.
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Payments are normally made over a 5 year period, following which the remainder of your debt (up to 60%) is written off. You must have a minimum debt of £15,000 to apply.
An Individual Voluntary Arrangement (IVA) is an agreement with your creditors to make a single reduced payment each month. This lasts for an agreed period of time (usually 5 years).
Once agreed, creditors are not allowed to add interest or charges to your accounts by law. The agreement is fixed meaning that creditors cannot randomly demand changes to it.
Here is an example of how an IVA can help you with your debt problems.
60 monthly payments:
Debt written off:
IVA repayments vary and what you can afford towards your debts is the main factor.