- A formal agreement with lenders to make one affordable monthly payment towards all your unsecured debts.
- If your IVA is approved, lenders will freeze interest and charges and you are protected from further collection and legal activity to recover the debt, If you maintain payments into the agreement.
- On completion of your IVA, any remaining unsecured debt will be written off – up to 85%
- You’ll be left with enough money each month to cover all your essential living costs.
- You may need to reduce spending on non-essential items.
- You won’t be forced to sell your home. IVA’s typically protect things like houses and essential assets.
- If you own your home, you may need to remortgage to cover some of your debts. If you can’t remortgage, you may need to make your IVA payments for an extra 12 months.
- Available in England, Wales and Northern Ireland.
- An IVA will affect your credit rating.
- Fees will be payable if your IVA is accepted.
- Details of your IVA will be added to the Insolvency Register.
