An IVA, or Individual Voluntary Arrangement, is a legal process for people with serious debt and insolvency issues and can be good alternative for someone with higher debt amounts.

If you have debts over £13,000 this can well be the answer to your problems!

An IVA is arranged by an insolvency practitioner, who looks into the individual’s debts and draws up a proposal for creditors, which is presented and voted upon at a specially arranged meeting.

If creditors representing 75% or more of the debt vote in favour of the proposal, the IVA goes ahead.

Under the terms of the arrangement, a large percentage of the overall debt can be written off and the rest is paid off in monthly instalments over five years.

You could become debt free in 60 months.