What is an IVA?

This is a legal arrangement agreed between the
debtor and his creditors to repay part of the debts
over a specified period of time. IVA’s are kept on
record for six years from the date of the IVA.

Who can apply for an IVA?

Only the debtor can apply for an IVA. A court will decide whether an IVA will be more appropriate than bankruptcy, based on the individual’s circumstances.

What are the consequences of an IVA?

Further information
The Debt Advice Bureau is an organisation advising about debt management, bankruptcy and IVA.