An IVA or Individual Voluntary Arrangement is a formal agreement between an individual and their creditors. The IVA is a legal binding agreement that is supervised by an Insolvency Practitioner. The IVA will last for a period of (60 months / 5 years) and after that exact end date of 60 payments, you will be clear of debt. Any remainder owing to your creditors after the 60 month payment period is written off.
- If you own your own property and have a fair amount of equity / savings, you may be required by the creditors to re finance your home in the later stages of the IVA and extract extra funds to make up a larger contribution toward the total repayment. This could also extend the 5 year standard period of your IVA.
For further advice about an IVA or personal insolvency in the UK, call our debt helpline today in total confidence,
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0800 018 6868
