An individual voluntary arrangement is a formal agreement with your creditors. That means it is legally binding. You pay only what you can afford after reasonable monthly living expenses. After a period of five to six years, most of your remaining debts will be written off.
Once an individual voluntary arrangement is set up, unsecured creditors can’t add contractual interest or charges to any outstanding debt. This means that if you keep up your monthly payments and comply with all other terms of the IVA you can write off any outstanding debt at the end of the IVA term.
If you live in England, Wales or Northern Ireland and would like to find out more about what your options are and if you qualify for an IVA then fill out the form above and one of our advisors will get in touch or give one of our advisors a call on 0203-884-2726 and we will be happy to discuss your options with you to find out the best solution for you.