IVA Debt Management
An IVA sets out how the debtor is going to repay the creditors (e.g. banks, credit cards etc), usually over a period of five years.
It is a legally binding contract made between you and your creditors. An insolvency practitioner will act as the middle-man between the two parties, and as a point of contact for the debtor.
The payments you make will be distributed on a regular basis to your creditors, via the insolvency practitioner.
In return for you making a commitment to pay what you can reasonably afford your creditors will agree to be bound by the arrangement.
For more specific information please see questions and answers section or get advice from an expert
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