An Individual Voluntary Arrangement, more commonly known as an IVA, is a formal, legally binding debt solution between you and the people you owe money to, for example, your creditors. This generally takes place over a period of five years.
Are you struggling to balance all of your finances? do you find yourself unable to prioritise your ingoing and outgoing expenses? At Personal Debt Support, we want you to know that you’re not alone. We can access all of the financial products available to you and work tirelessly on your behalf to help you plan for the debt-free future that you deserve.
An Individual Voluntary Arrangement may be the best solution for you. Once you enter an IVA, by setting this up, creditors can take no further action against you and they, therefore, cannot contact you directly.
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This depends on your financial situation and your own choice of which you feel is right for you. IVAs and Bankruptcy are two very different Insolvency procedures that can both deal with your debts
A standard IVA usually lasts for 5 years (60 monthly payments), although it can be completed in as little as 12 months if you can propose a lump sum payment to settle your current debts.
When you are in an IVA all of your current credit agreements will be stopped.