If you agree to pay as much as you can afford over a typical period of five years, the creditors will 'meet you half-way'. The will write off anything you couldn't manage to pay at the end.

Interest on credit cards, store cards and so on is frozen in an IVA if it is accepted. This means that your debt will not continue to grow.

This is one of the key advantages over bankruptcy, although you may need to release some of the equity for creditors.

The IVA does not come with employment restrictions in the same way as bankruptcy does. A few employers specify that they will not employ people in an IVA, but this is very unusual. If you are worried about this, contact us.

If you enter an IVA your name will not be published in the newspaper and your employer will not be notified. The only way people can find out abot it is if they search the Insolvency Register for you.

When the IVA begins, the creditors are prevented from hassling you ever again.

IVA payments are designed to be affordable. Your living expenses are deducted from your earnings and the money you have left is offered to the creditors. In a way, the situation is turned on its head. You are no longer required to pay what the creditors demand - you offer them what you can realistically manage.

In an IVA you have the peace of mind of knowing that every month that passes is a month closer to guaranteed freedom from unsecured debt. Usually it's just 60 monthly payments - and that's it.