Do you qualify? Your debt needs to be at least £15,000 and you need to provide proof that you are in a position to make minimum repayments of at least £200/month.
You will need to find an insolvency practitioner, your local Citizen's Advice Bureau is probably a good place to start, both for good initial advice and to help you find a practitioner.
An IVA (Individual Voluntary Arrangement) is drawn up by an Insolvency Practitioner. It is an agreement to pay a set amount each month and usually lasts for 5 years. The interest on the debt is frozen and if the debtor keeps to the agreement, the debt will be cleared after 5 years. 75% of the creditors must approve before IVA can be set up.
Although you will have to change your Lifestyle during an IVA. Don’t think that just because you are in the midst of an IVA doesn’t mean you have to miss out on a yearly holiday.
What you need to know
What goes on?
Advice on remaining debt free
