What Happens During an IVA Process?
An Individual Voluntary Arrangement (IVA) is a formal agreement to help you repay debts you cannot manage in full.
How the IVA process works:
- A financial assessment is completed
- A repayment plan is created based on affordability
- Creditors vote to approve or reject the proposal
- If approved, you make one monthly payment
- Remaining eligible debt may be written off at the end
Who it may suit:
- People with unsecured debts over £6,000+
- Those struggling with monthly repayments
- Individuals wanting to avoid bankruptcy
Note: An IVA is legally binding and may affect your credit rating during the term.
