Frequently Asked Questions

What is an IVA?
An IVA or an Individual Voluntary Arrangement is a legal agreement between a debtor and his creditors. Under this contract, the debtor makes a single monthly payment to pay off his outstanding debts.

How do I know whether an IVA is right for me?
If you have debts over £15,000 and owe money to more than two lenders, then an IVA is a suitable option for you.

How long does an IVA take to be completed?
An IVA is generally completed in 5 years.

How are the monthly instalments calculated?
The monthly repayments are based on your disposable income. Your other expenses are not disturbed and the instalments are determined on the basis of your conditions.

Will an IVA affect my professional career?
No. It is a confidential agreement between you and your creditors. Unlike bankruptcy, an IVA is not advertised in newspapers.