IVA stands for Individual Voluntary Arrangement.
Essentially, it’s a formal agreement between you and your unsecured creditors, allowing you to make more manageable payments towards your total amount of debt. The result being that you pay off a percentage of that total and, after about 60 months, the debt is considered settled. Your level of monthly repayment is determined by careful examination of your income. After setting up an IVA, providing you meet your payment schedule, the creditors are legally prohibited from adding other charges or further interest to your debt.
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