An IVA (Individual Voluntary Arrangement) is a legally binding contract between you and your creditors. You make agreed monthly payments for a fixed period (often 5 years), and in many cases, some portion of your debt is written off upon completion.
Once the IVA is approved, creditors must adhere to it – they cannot take separate legal action against you for those debts included in the IVA.
We examine your financial situation, including your debts, assets, income, and expenses.
We prepare a detailed IVA proposal to present to your creditors for approval.
Your creditors vote to accept or reject the proposal. A majority approval makes the IVA legally binding.
Once approved, your IVA begins and you start making affordable monthly payments as agreed.
Your circumstances are reviewed each year, and changes can be made if needed.
At the end of the term, any remaining agreed debt is typically written off, marking your debt-free completion.
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