An IVA (individual voluntary agreement) is a formal arrangement through the county court to pay an agreed amount off your debts. This usually means paying monthly instalments for up to 5 years, during which interest and charges are frozen. After that time the remaining debts are written off.
An IVA provides an alternative to bankruptcy. Your debts need to be substantial (around £20,000 or more) for you to qualify for an IVA.
For further information visit IVAs.
Debt Consolidation Explained contains general information only. We strongly advise you to seek qualified professional advice before taking any action.