WHAT IS AN IVA?
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. 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
- You own your home and do not want to lose it to assist with paying off your debts
- You are in a job where being declared bankrupt will affect your career progression
- You are a company director and being bankrupt could affect any company related applications for credit