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An individual voluntary arrangement (IVA) is a formal and legally binding agreement between you and your creditors to pay back your debts over a period of time. This means it’s approved by the court and your creditors have to stick to it.

An IVA can be flexible, to suit your needs but it can be expensive and there are risks to consider.

What is an IVA and what does the procedure entail?

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Your credit score is crucial when it comes to your financial future and plays a big part in your ability to borrow money or be accepted for a loan. Your credit score may be checked when applying for a number of things such as mobile phone contracts, car finance, mortgages, insurance, utility services and more. It can also affect that interest rates that you would be offered by potential lenders. People with good credit typically benefit from better interest rates.