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An IVA (Individual Voluntary Arrangement) is a process set up by the government within the 1986 insolvency act that allows for a person in debt to make a formal arrangement with their creditors without the need to go into full bankruptcy.
An IVA will enable someone with debts in excess of £15,000 to make reduced, affordable monthly payments over a fixed term, usually 5 years.
Once an IVA has been set up and the agreed monthly payment structure is adhered to, there will not be any further worrying demands from creditors.
All interest and charges will be frozen during the course of the IVA, and will be written of at the completion of the IVA.