Individual Voluntary Arrangement (IVA)

If you are struggling to make all of your repayments on loans then an Invididual Voluntary Arrangement may be suitable for you. It is an arrangement that can be made to pay back money that is owed to creditors, often at a reduced, negotiated rate. It can be a good alternative to Bankruptcy. A proposal has to be put forward to the creditors, it must detail how you plan to repay them a reasonable amount of the money that you owe them.  The payment plan can be flexible however you must ensure that you keep to your payment plan or the IVA would be failed and you could be made Bankrupt. If you believe an IVA is right for you then you will need to speak with an Insolvency Practitioner who would be able to advise you whether it is likely to be accepted and help you with your proposal.