What is an IVA and is it right for you?

An IVA can be defined as:-

" An IVA is a formal legally binding agreement between an individual who is unable to pay their creditors and a licensed Insolvency Practitioner. The Insolvency Practitioner will put together a form of proposals to the Creditors for approval and administer the IVA. The individual must be resident in England, Wales or Northern Ireland."

If you have a substantial amount of unsecured debt (usually around £20,000 or more) an Individual Voluntary Arrangement, or IVA , could be your best solution.

It acts as a legally binding agreement between you and your creditors, effectively freezing interest charges and setting an affordable monthly payment amount over an agreed fixed period (usually 5 years).

The Key benefits of entering into an IVA are :

There are certain criteria however that are required for an IVA to have a good chance of success. It is recommended that a debtor speaks to an Easierdebt advisor to get a better understanding of what these are.

Easierdebt does not advise on IVA's. We will simply pass your details to an Insolvency Practitioner on our panel who will discuss your suitability