An IVA can be a more flexible arrangement than bankruptcy, but it’s not suitable for everyone. If you want an IVA, you must meet certain criteria, not all debt is covered, and there are some risks involved.
What is an IVA?
An IVA is an Individual Voluntary Agreement. It is a formal and legally binding agreement made between an individual and their creditors to pay back debts over a set period.
An IVA can be more flexible than bankruptcy, but it can also be expensive. An IVA must be set up by a qualified insolvency practitioner who will usually charge a fee. You make repayments to the insolvency practitioner who then distributes money to your creditors.
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