How does an IVA work?
Under an IVA you make 60 or 72 affordable monthly payments towards your total debt, or you offer a lump sum settlement.
To be approved, 75% of your creditors must agree to your proposal via a vote. Once it’s approved, you’re protected against legal action to recover the debts included
In the IVA your finances are reviewed on an annual basis, and you and your creditors will receive a progress report. You’re also notified once the IVA is complete.