The monthly payment required under an Individual Voluntary Arrangement (IVA) will depend on your specific circumstances and the terms of the IVA. An IVA is a legally binding agreement that allows you to reach an agreement with your creditors to pay off your debts over an extended period of time, typically five years.
The monthly payment required under an IVA is based on your budget, which outlines your income and expenses. Your IVA provider, also known as an insolvency practitioner, will review your budget and determine how much you can afford to pay towards your debts each month. This amount will be divided among your creditors based on the terms of the IVA.
The monthly payment required under an IVA can vary widely depending on the amount of debt you have and your income and expenses. It is a good idea to speak with a financial professional or an attorney if you are considering an IVA and want to get a sense of the potential monthly payment required. They can review your specific situation and help you determine the best course of action.