If you have any experience with debt problems, it is likely you have seen the term IVA crop up. An IVA (individual voluntary arrangement) is a formal and legally binding agreement between you and your creditors to repay your debt over a period of time. Once an IVA is in place, it stops creditors who are part of the arrangement from taking any further legal action against you.
Lets take a look at how you can get an IVA and what it means if you do.
How do you get an IVA?
If you are unable to make the full repayments on the debt you owe, you may need to consider an IVA. An IVA will put in place an agreement with your creditors to repay your debt over a period of time (typically five years).
There are typically some qualifying criteria.You may n…
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