An IVA is a simple way of formally agreeing to settle all your unsecured debts over a fixed time period. Once you have engaged the services of an Insolvency Practitioner they will be able to help you work out how much you can afford to repay each month after your living expenses have been deducted. As part of the service they will contact your creditors and ask them to agree to the terms of your IVA and they can stop creditors taking any further action against you, like taking you to court or trying to make you bankrupt, once your IVA is accepted. The Insolvency Practitioner will also arrange with your creditors to stop any interest charges or additional payments as part of the IVA.

For more information about IVAs, see our IVA Options