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An individual voluntary agreement (IVA) is an agreement between you and your creditors to help you pay off your debts at an affordable rate.
IVAs are not available if you live in Scotland. In Scotland, you would need a protected trust deed is a similar solution, but it’s important to note that it has different benefits, risks and fees associated with it.
An IVA is a legally binding agreement between you and your creditors. This means if you have an IVA and stick to the agreement you’ll get protection from your creditors taking further action against you and some of your debt will be written off.
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A meeting of creditors will be arranged where your creditors will decide whether or not to approve your IVA. It’s your creditors’ decision whether or not they approve your IVA and we can’t force them to approve it. However, as long as your IVA proposal contains your best offer, most creditors will look favourably on your proposal.
For your IVA to be approved, at least 75% of the value of creditors who vote at the meeting of creditors need to vote in favour of your IVA proposal.
Your creditors could vote to approve your IVA but only on the condition you agree to some modifications they ask for. Modifications are changes your creditors ask be made to your IVA proposal. If you needed time to think about the modifications, the meeting of creditors can be adjourned for up to 14 days.
If you agree to the modifications, your IVA will be approved on the day of the meeting of creditors.
Our expert debt advice can tell you if an IVA is suitable for you.
If an IVA is the best solution for you, StepChange Voluntary Arrangements, our IVA service, will support you throughout the process.
Clare Lindley of StepChange Voluntary Arrangements is licensed to act as an insolvency practitioner in the UK by the Insolvency Practitioners Association
"They were so kind, they listened patiently and helped me through the process" Alison, Kent
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