An individual voluntary arrangement (IVA) is a formal agreement to repay your creditors at an amount you can afford.
This can be a one-off payment known as a lump sum IVA or over a longer period to spread payments which usually lasts five or six years. You make one affordable payment to us each month and we distribute it fairly among your creditors. During your IVA creditors should not contact you or increase your debt.
When the final payment is made, any remaining debt is written off.
A Individual Voluntary Arrangement (IVA) is only available in England, Wales and Northern Ireland.