You can use an IVA to help pay off many common debts, including: A Voluntary Individual Agreement (IVA) is an agreement with your creditors to settle all or part of your debts. You agree to make regular payments to a court administrator who shares this money between your creditors. If the value in your home (after a mortgage and secured loans have been withdrawn) is greater than the total amount of your debt, an IVA is not always an appropriate solution. Contact us for advice. If you are interested in setting up an IVA through National Debtline, contact us for advice. We will be able to discuss an IVA with you and advise you on other solutions you have to manage your debts. An Individual Voluntary Agreement (IVA) is a formal and legally binding agreement between you and your creditors to repay your debts over a specified period of time. This means that it is approved by the court and your creditors must comply. With an IVA, you present your creditors with an offer to pay your debts. This will be based on what you can afford. If you have an IVA, your debt payments can be made either through a one-time payment known as a lump sum IVA or a 60- or 72-month repayment plan. An IVA is a legally binding agreement to pay an agreed amount on your debts over a specified period of time. Any unpaid portion of the debt included in the IVA will be written off when the agreement is concluded.
An IVA can be set up in different ways. This can be either a monthly program with a fixed term (normally five years) or a short-term agreement if you have to submit a lump sum. Some IAVs are a mixture of two instalments and a lump sum. To place a company in a voluntary agreement (CVA) of a company, there is a specific process that must be followed to assess the profitability of the agreement and put in place this process of turnaround the business. Be careful if you have a rental agreement that you want to include in your IVA. Check your agreement carefully to see if there is a clause allowing the creditor to terminate the contract if you enter into an IVA and seek advice.