Simply put, an IVA is an agreement which is made with the people you owe money to, agreeing that you will pay back a proportion of the total amount owed (which could be only 10% of the original) over a period of normally five years.

In Brief

• You only pay a % of the total debt, normally at least half.
  
• There is NO interest to pay whatsoever on the remaining amount.
  
• You pay monthly instalments, normally over five years.
  
• You can still obtain credit, although it may be limited.
  
• Avoids the humiliation of Bankruptcy.
  
• You can still become a Company Director.

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