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Similar to a Company Voluntary Arrangement, an Individual Voluntary Arrangement (IVA) is a formal, legally binding arrangement or proposal which is put to creditors to pay all or part of your debts.
An IVA is essentially a contract between you and the people that you owe money to, and both parties must agree and adhere to the arrangement in order for it to work.
An IVA may not always be the most suitable option, depending on each individual’s circumstances, however it is worth considering if you have debts that you cannot meet and wish to avoid declaring bankruptcy, or if you own your home and do not want to lose it to assist with paying off your debts.
You may also wish to avoid bankruptcy if you are in a job where being declared bankrupt will affect your progression through your career, or if you’re a company director and being bankrupt could affect any company related applications for credit.
If any of these situations sound familiar then please get in touch to discuss your suitability for an IVA and we can get you started on the process.
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