What is an IVA? I know it is debt related, but what does it mean and how can it help people in debt?

An IVA, more formally known as an individual voluntary arrangement, is an arrangement that you can enter into with persons or organisations to whom you owe money.  By entering into an IVA, we will be able to reduce the amount you owe to your unsecured creditors and reach an agreement that you make affordable replayments over a period of time, at the end of which you will be debt free.

An IVA is a legally binding agreement between you and all the people/organisations that you owe money to (your creditors).  If you no longer have the disposable income to continue making regular payments to your creditors, an IVA will enable you to reach a new agreement with them, whereby you make one affordable monthly payment which is distributed amongst your creditors by your Superviser who is an IP (Insolvency Practitioner).