What is an Individual Voluntary Arrangement (IVA)?

The Insolvency Service has launched an animated video which gives important information to people in debt who are considering taking on an Individual Voluntary Arrangement (IVA). IVAs are a legally binding agreement between a person who is insolvent and their creditors. This animated step-by-step guide takes people through important factors to consider before making this financial commitment to manage their debts. This includes checking the suitability of an IVA for their circumstances, fees charged by Insolvency Practitioners, what payments may look like and how it affects their future finances, such as their credit rating. The video applies to protocol IVAs only, and some IVAs may be subject to different terms and conditions. Follow us on social media: LinkedIn:   / the-insolvency-service   X (Twitter):   / insolvencygovuk   Instagram:   / insolvencygovuk   Website: https://www.gov.uk/government/organis...