Fixed monthly payments are made into your IVA for a period of 5 years; in return the creditors will accept lower payments over a fixed term and write off any unsecured debt balance that has not been repaid in this time.

You may qualify for an IVA if you have £10,000 or more of unsecured debt or 3 or more creditors. The qualifying criteria for an IVA are not as simple as other debt solutions, as this is a legal binding contract and must be completed by a qualified Insolvency Practitioner.

Each IVA is different based on an in depth assessment of individual’s circumstances.