An Individual Voluntary Arrangement (IVA) is a legal process that allows you to approach your creditors and make a proposal to clear your outstanding debt with them and without having to result to bankruptcy.
An IVA has to be arranged by a licensed insolvency practitioner (IP). On your behalf they approach all of your creditors and put a proposal to them. If over 75% of the creditors accept the proposal then the arrangement is made and becomes legally binding for all parties, whether all agreed or not.
Once the agreement is completed or the Individual Voluntary Arrangement (IVA) is finished then you are deemed debt free and can start your finances with a fresh start.
Our team can arrange to inform you of the pro’s and con’s of an IVA. You can then make an informed choice if this may be the route for you.
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