An IVA is a legally-binding arrangement between you and your creditors that is
drawn up by a qualified insolvency practitioner (usually an accountant).
You must agree to pay money, as a lump sum, instalments, or both. In
return, your creditors will:
- write-off part of the debt and;
- not take court action against you or make you bankrupt.
You have to pay all the costs and fees and also a large amount of the debt,
so it is realistic only if you have a fair amount of spare money or things you
can sell to pay your debts.
If you are considering this option, you should shop around to compare the
fees an insolvency practitioner would charge.
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last updated
16/08/07
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