An IVA – individual voluntary arrangement – can be an alternative option to the bankruptcy route for individuals where a better outcome could be reached for creditors than a bankruptcy order. An IVA is legally binding and must be approved by your creditors and is supervised by an IVA supervisor.
Often, an IVA can be a better option for some individuals as it allows you to avoid the stigma of bankruptcy and is based on what you can actually pay. Your creditors don’t charge interest during the IVA period and will accept a fixed monthly payment.
We work with specialist IVA supervisors and can advise you how best to approach this situation if it is appropriate for you. Often when an individual is due to receive some money, such as an inheritance or another form of monetary settlement, an IVA can be a suitable route to obtain some time to pay with your creditors.