IVAs are a legally binding contract, which can only be arranged by a licensed Insolvency Practitioner, who will put forward your IVA proposal to your creditors.
Your Insolvency Practitioner will help to agree what you can afford to repay each month and you must commit to paying that amount each month.
Your creditors are likely to accept an IVA repaying much less than what you owe, as they can avoid any expensive debt recovery or bankruptcy costs.
Remember that an IVA is legally binding between you and your creditors. This means that you should never enter into an IVA if you cannot afford the monthly repayment, as failing to do so means that bankruptcy proceedings may start against you.
To see if you qualify for an IVA, please speak to our qualified IVA advisors on 0800 048 1768.