These are the 21 most common questions our customers ask our IVA advisers. If you have a question that is not among these 21, please visit our additional IVA questions and answers page.
What is an IVA?
IVA stands for Individual Voluntary Arrangement. An IVA is a simple arrangement in which you pay a single monthly sum to your creditors and become debt free within five years. It usually involves your creditors agreeing to write off part of your debt. It is a proposal you put to your creditors that they may prefer to agree to, to avoid you becoming a bankrupt. We at Debt Lifeboat will assist you in putting together that proposal.
In this week's Your Money, Declan Curry looks problems with pensions, considers the benefits of credit unions and gets some top tips on how to manage your money.