An IVA is an Individual Voluntary Agreement. It is a legally binding agreement between your creditors and you which allows you to make a single monthly payment during a fixed period of time. All your remaining debt will be wiped off by your creditors at the end of the period specified in the IVA.
Do you qualify for an IVA?
You must have at least £15.000 in unsecured debt and owe this money to at least three different companies. You must also prove you are unable to repay your debt in it’s current form and that you are employed and have a monthly salary. 80% of your creditors must approve of this agreement.