Individual Voluntary Arrangement (IVA)
An Individual Voluntary Arrangement, or IVA, allows an individual with significant personal debts to reach an agreement with their creditors to pay off all or part of their debts, over a set time period.
An IVA can be an effective way of managing your debts, and may allow you to continue running your business.
Under an IVA, a qualified insolvency practitioner will analyse your finances and help you submit a payment proposal to your creditors. Once the proposal has been formally agreed, you will begin to make regular, affordable payments to your creditors.
As long as you continue to make the agreed payments, putting in place in IVA can stop creditors from taking legal action, and any unpaid liabilities will be written off on completion of the terms, which is generally around five years.
If you are facing financial problems, and considering entering in an IVA, our friendly and experienced team can help. We will offer expert advice and support based on your individual circumstances. Why not contact us today?