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What is an IVA?

An IVA (Individual Voluntary Arrangement) is an increasingly popular alternative to bankruptcy, designed to avoid many of the disadvantages and the stigma that bankruptcy involves to get out of debt.

An IVA is a binding legal agreement between you and your creditors in which you undertake to pay an affordable monthly sum for a sensible period, not usually more than five years, at the end of which any remaining debts are written off. If you do not keep up repayments for the entire period of the IVA you are likely to be
made Bankrupt.

Because there is no need for an IVA to be advertised, many people are not aware of their existence. But as levels of debt in the UK rise, so does the awareness of IVA's - more than 6,000 people a year enter into IVA's to resolve their debt crisis.

The amount you pay through an IVA is based on your disposable income after reasonable living expenses are deducted.

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