IVA (Individual Voluntary Arrangement)

A legally binding agreement between you and your creditors to repay a portion of your debts over a fixed period, typically five years. An IVA is administered by an insolvency practitioner and, once agreed, freezes interest and prevents creditors from taking further action. An IVA is recorded on your credit file for six years and is a serious step that should only be considered after taking free debt advice.

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