An Individual Voluntary Arrangement - IVA is a formal agreement between you and your creditors. This is an alternative to bankruptcy. Here in, you will come to an arrangement with people you owe money to, to make reduced payments towards the total amount of your debt in order to pay off a percentage of what you owe then generally after 5 years your debt is classed as settled.
It is a legal procedure which enables an individual to reduce the amount of money they owe, stop any further interest charges and reduce the monthly payments they have been making. An IVA reduces your debt to pay off a percentage of what you owe.
What’s more! Unlike bankruptcy, an Individual Voluntary Arrangement does not publicize your insolvency. It is the best way to solve your debt problems. It suits your needs even better if you are a homeowner and wish to protect your equity.