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Introduced by the United Kingdom Government in 1986 in the Insolvency Act, IVA or Individual Voluntary Arrangement is a formal solution to clear your debts, wherein a registered Insolvency Practitioner (IP) splits up your payments among your creditors, as per your monthly income and expenditure. This legal agreement allows you to pay a part or all of your debts in an easy way without any additional interest or charges on your existing debts. The debts can be paid off in a term up to 5 years, with one affordable payment every month and any debt post this term is considered legally written off.
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An IVA lets you breathe a sigh of relief as you are no longer contacted by your creditors for payment and it also freezes your interest and charges which are written off at the end of the programme.