An IVA “Individual Voluntary Arrangement” is a legally binding agreement between you and your creditors whereby you distribute a single monthly payment equally between the participating creditors.

The payment will occur monthly over a set period of time (usually 5 years).

All interests and debt charges will be frozen and creditors will be prohibited from demanding additional payments from you.

If you have assets, such as equity in your property etc these may have to be made available to creditors, but you remain in charge of how they are disbursed.

For more information on IVA’s contact our experts today for free advice on your financial situation.

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