What is an IVA? client must have minimum of 3 credit agreements with debt of £15,000 plus client must have disposable income of £275 client must be employed or self employed A legal agreement under the Insolvency Act 1986 Handled by a licensed Insolvency Practioner – Grant Thornton An agreement with 75% or more of the creditors to accept the proposal The proposal is for the lenders to accept a lower amount than the amount outstanding based on what the client can afford over 60 months payment calculated on disposable income before unsecured debt payments potential to reduce payments up to 70% lump sum payments can be made interest on all accounts will be frozen all outstanding credit will be fully paid off after 60 months lenders cannot take legal action Grant Thornton manage payments on behalf of client there is no upfront fee payable by the client apart from any advice fee the adviser may charge