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IVA overview
An IVA, or individual voluntary arrangement, is an insolvency solution similar to bankruptcy, but has different terms and conditions. For instance it will allow you to deal with your debts while keeping assets such as property.
Under an individual voluntary arrangement, you make affordable monthly payments towards your total debt over a set period, which is normally 5 years. If you are a homeowner and have equity in your property you may also be asked to pay a lump sum towards your IVA in the 4th year.
At the end of the fixed term, the remaining debt is written off, so an IVA can be a structured way to get out of debt that allows you to start again.
An IVA is drawn up by an Insolvency Practitioner who sends the proposal to each of your creditors. If creditors representing at least 75% of your total debts vote in favour of the plan, the IVA can go ahead.
Free IVA help
We can give you free IVA advice and tell you if it is a suitable debt solution for your circumstances. Our online debt counselling service, CCCS Debt Remedy, will identify the best course of action for you, according to your personal circumstances.