The Individual Voluntary Arrangement allows someone who is in financial difficulty to make a formal proposal to settle his/her debts within a reasonable and fixed period of time. This period is normally no longer than 5 years. The repayment proposal is based on what you can afford to pay and after you have paid for the time agreed, your debt will be settled in full. Once agreed, an Individual Voluntary Arrangement will also prevents creditors from adding any further interest to your accounts or taking any further action such as County Court Judgements.

The suitability of the IVA solution will depend on your personal circumstances.