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What is an IVA?

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If you thought you were the only one in serious debt, think again. As debt steadily increases throughout the UK, thousands of people are choosing solutions like an IVA to help them get back in control.

But what is an IVA, exactly?

An Individual Voluntary Arrangement, commonly referred to as an IVA, is a debt solution that helps many people avoid going through the severity of bankruptcy. It's a legally binding agreement with your creditors in which you have the opportunity to freeze your interest rates and make lower repayments.

What happens in an IVA?

An Insolvency Practitioner will help you prepare an IVA proposal, tailored to your financial situation. In order for it to be approved, 75% of your creditors must agree to it. After that, you will no longer have to deal with your creditors; instead you make fixed monthly payments, usually over a five year period. By keeping to the terms, any outstanding debt at the end of the agreement can be written off. After an IVA you will be debt free.

How can I start one?

You can take the next step today. Click to find out how to arrange an IVA and also get some confidential advice to help you get out of debt.

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With debt in Britain rising to incredible levels many families are suffering extreme distress as a result. Many people feel embarrassed and too ashamed to discuss the problem with their partner and allow the problem to escalate.


Do you qualify? Your debt needs to be at least £15,000 and you need to provide proof that you are in a position to make minimum repayments of at least £200/month.

You will need to find an insolvency practitioner, your local Citizen's Advice Bureau is probably a good place to start, both for good initial advice and to help you find a practitioner.