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An IVA or Individual Voluntary arrangement is a legally binding agreement between you and your creditors that shows how you will become debt free and how long it will take (typically 5 years).
You will need to use an Insolvency Practitioner to propose an IVA and to ensure that the terms of the agreement are stuck to by both you and your creditors.
Insolvency practitioners are highly regulated and have to be licensed and insured to undertake this work.
They are required by their regulators to confirm their advice to you in writing.
Examples of the benefits of an IVA are:
- Freezes Interest and charges
- One affordable payment each month
- Freezes debt recovery and legal action
- Debt is written off on successful completion of the IVA
- Homeowners can be permitted to keep their property
- Self employed/Company Directors may keep trading during the arrangement