What do I do if I can’t keep up with my IVA?

6 January 2009

For people with significant debts (usually £15,000 or higher), an IVA (Individual Voluntary Arrangement) can be a very useful way out of debt that avoids some of the downsides of bankruptcy.

An IVA is a legally-binding agreement between you and your creditors. It involves making regularly monthly payments, based on how much you can afford, usually for a period of five years. Once the five years have passed, your remaining debt will be considered settled.