How an IVA Works
If you are eligible and choose to go ahead with an IVA a proposal will be made to your creditors, via a debt management company, to pay off your debts (or a percentage of them) over a fixed period of time (often 60 months).
The amount that is offered to your creditors is whatever you can reasonably afford – it can be as little as £200 per month and will usually be substantially less than your current debt repayments.
Who will supervise the IVA?
Once a proposal has been accepted by your creditors an Insolvency Practitioner will take on the role of supervisor for the duration of the IVA. It is the Insolvency Practitioners job to ensure that your payments are handled correctly and that your creditors receive the appropriate amount.
Your Insolvency practitioner will typically set up a bank account to help manage you IVA payments, all you will have to do is make one monthly contribution to this account. For more information view the cost of an IVA page.
Featured articles, news and analysis
 |
 |
 |
Top 5 tips to stay free from debt. |
The good and the bad of bankruptcy. |
How debt's made and how it's evolving. |
Any information you provide will be kept completely confidential.