Individual Voluntary Agreement (IVA)

An Individual Voluntary Agreement (IVA) is a formal debt relief option in the UK designed for individuals struggling with unmanageable debt. It allows you to make a proposal to pay off a portion of your debts over a set period, usually five years. If creditors agree to the plan, they cannot pursue further action against you. At the end of the IVA, any remaining unpaid debts are usually written off. It’s a legally binding agreement, meaning both you and your creditors must adhere to its terms, providing a structured way to regain financial stability.