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What is an IVA?
A fair solution for both you and your creditors
An IVA, or to give the full title an Individual Voluntary Arrangement, is a formal arrangement between you and your creditors that allows you to pay back what you can afford towards your outstanding debts, by means of one affordable monthly payment. An IVA can be flexible considering each individual’s personal circumstances. So your IVA will take into account your capital, income, third party payments, or a combination of these. An IVA usually lasts for 5 years, and at the end of the agreement, any remaining debts are written off.
It’s most appropriate for individuals who have debts of more than £5,000. If you are: missing payment charges, you find interest charges increasing, and your debts are spiralling out of control, then an IVA may be the solution to bring your money worries back under control.
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