It is effectively a contract between an individual and their creditors to pay back what they can afford of their debt from their assets and/or income and/or third party funds over a certain period of time.
Each IVA is unique so will depend on your financial circumstances as to whether an IVA is suitable for you and/or the best option in your circumstances.
An Insolvency practitioner will help give you advice and if relevant help you draft your proposals to creditors and then they get to vote on whether they accept them or not.
A bit of background can be found here:
Who is onlineUsers browsing this forum: Foggy and 15 guests
Ask the IVA Experts a QuestionSimply complete form and you will get an answer from our IVA Experts (multiple replies within an hour *)
* Any use of this forum is conditional on you having read and agreed to our terms and conditions.
* If you enter your phone number, Vincent Bond and Co Ltd will give you a courtesy call to ensure that your question has been answered.
* The question will be posted on our forum, we will email you the location