IVA UK

links, guides and solutions

An Individual Voluntary Arrangement (or IVA for short) is a formal, legally binding solution to personal debt problems. The IVA allows someone who is in financial difficulty to make a proposal to settle his/her debts within a fixed period of time - normally 5 years. All interest is frozen and after the end of the arrangement, outstanding debt is written off. The arrangement is governed by the Insolvency Act of 1986.

A common misunderstanding is that people think undertaking an IVA is like going Bankrupt. This is not the case. The IVA is specifically designed to avoid the many issues and stigmas surrounding Bankruptcy. For example, you will be able to borrow in the future and take a mortgage. You will not be Blacklisted for ever!

www.iva-info-uk.org.uk