
The Debt Counsellors > Debt Management > Iva
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.
T: 0800 954 8115
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Staveley, Chesterfield
Derbyshire, S43 3JT