What is an IVA?
An Individual Voluntary Arrangement (IVA) is an agreement made with your eligible creditors to address your unsecured debts. You are required to make monthly payments to your arrangement (normally for a period of five years). Once the IVA successfully completes the remaining debt is written off. Although various types of unsecured debts can be included on an IVA there are some exclusions. Any debts that are not included within an IVA will still need to be paid as normal.Continue to the next section How does an IVA work?