INDIVIDUAL VOLUNTARY ARRANGEMENT

An IVA is an agreement between you and your unsecured creditors to help you pay off your debts at an affordable rate. IVAs were introduced as a formal solution to help people with debt problems. Over time, they have emerged as a widely used debt solution in the UK. Those who are eligible can apply for an IVA to regain financial control, write off a percentage of their debts, and start afresh.
Leveraging our many years of experience, we take pride in the successful IVA plans for our customers. We believe in connecting the customer with the best and reputable insolvency practitioners.
Once an IVA comes into effect, you will pay be required to pay back a set amount each month, usually for five years (or 60 months). If you maintain payments throughout your IVA, any of your outstanding debt will be written off by the end of your payment term.
At Settle My Debts, we offer a professional, impartial review of your financial circumstances. Should an IVA be the best option, our experienced agents will run you through the whole process before you commit to an arrangement.

Advantages of an IVA

• An IVA is a way to avoid bankruptcy proceedings and property repossession.
• An IVA allows you to make one affordable fixed monthly payment.
• Legal action by your creditors is stopped as long as you make your IVA monthly contribution.
• The interest on your debts is frozen as at the date of the creditors meeting convened to approve the IVA.
• Debts included in your IVA could be cleared in 5 years.