An Independent Voluntary Arrangement (IVA) is a potential solution for anyone who has a regular income and/or assets and who is struggling to repay debts.

An IVA is a formal agreement between an individual and his or her creditors in which he or she may agree to realise any assets within an agreed period of time, and also make regular payments to the creditors from any income received.

Creditors may agree to freeze interest and charges, so your debts will not increase. However any debts acquired outside of the IVA are not bound to these terms.

An IVA will typically last for between 3 and 5 years, and any money still owed after this period is usually written off.

An IVA will generally only be accepted by creditors if it can be shown that they will get a significantly greater amount back when compared with bankruptcy. 

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