What is an IVA?
IVAs are a formal agreement between you and your creditors (the companies you owe
money to) which allow you to repay an affordable monthly amount over a typical period
of 5 years.
IVAs were introduced by the government to offer people with unmanageable levels
of debt a possible alternative to bankruptcy.
An IVA is legally binding on you and your creditors so it's not something you should
enter into without first seeking professional debt advice. If you are accepted for
an IVA and fail to keep up your monthly repayments, your creditors can petition
for your bankruptcy.
The IVA process is explained in more detail on our
IVA
information page.