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An Individual Voluntary Arrangement (“IVA”) is a formal arrangement with your creditors whereby you agree to pay your creditors a certain amount over a period of time. The arrangement is managed by the Supervisor and once the arrangement is approved, all creditors are bound by its terms and no further action can be taken outside of the IVA.

The amount you pay will depend on your personal circumstances based on your assets and income and is subject to the approval of the creditors.

For example, if you have a surplus income of £300 per month and there are no changes to you circumstances in the five years, you would pay a total of £18,000. If your total debts are £100,000 then this would equate to a return of 18p in the £ before costs