An IVA – or Individual Voluntary Arrangement – is a debt solution that could help you if you’re having serious difficulty making your monthly repayments to your unsecured lenders. What is an IVA? An IVA is a form of insolvency, often considered to be a preferable alternative to bankruptcy – without the potential pitfalls (such as home repossession). It’s a legally binding agreement between you and your unsecured lenders in which you could make one agreed monthly payment specifically tailored to your situation over an agreed period of time – normally five years. The idea is that you’d pay as  →