An Individual Voluntary Arrangement (IVA)
is an alternative to bankruptcy.
If you have a substantial amount of unsecured debt an IVA could be
your best solution.
IVAs are controlled by government legislation and can only be set
up by licensed Insolvency Practitioners. An IVA acts as a legally
binding agreement between you and your creditors, freezing interest
charges on your debt and setting an affordable monthly payment amount
over an agreed fixed period (usually 5 years).
It is important to remember that you should only consider an IVA
if you have sufficient money available to contribute towards repaying
your debts each month or additional assets which could be taken into
consideration. |