What Is An IVA?
An Individual Voluntary Arrangement (IVA) can provide one way to get back on track with your finances. IVA's are a binding agreement between you and your creditors (credit cards, loans, store cards, overdrafts, catalogues, old bills etc..). You make one affordable monthly payment for a fixed period of time. At the end of that period, any unaffordable debt that has not already been paid off is written off.
Once you’ve been accepted for an IVA, your creditors can no longer chase you for your debts, which means all letters and phone calls will stop.