If you are finding your debts difficult to manage and you don’t think you’ll ever be able to repay them – an IVA (Individual Voluntary Arrangement) may be right for you.

You may have heard / seen the phrase ‘IVA UK’ – which basically means ‘IVA in the UK’.

IVAs are often entered by people who are looking to avoid personal bankruptcy – this may be because on an IVA, people are highly unlikely to have their home sold.

An IVA is a form of insolvency, and can only be entered by people who have looked for advice, spoken with a professional debt adviser / Insolvency Practitioner and found that one is right for them.

An IVA will usually last for 5 years, and will have an adverse effect on your credit rating if you enter one.

If you do enter an IVA in the UK, you will be required to make regular reduced payments for the duration of the agreement, and once the IVA comes to a successful conclusion, any outstanding unsecured debt will be written off.