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What is Individual Voluntary Arrangement (IVA)?

Written by CRG Insolvency
Tuesday, 25 April 2017 07:01

This is a good alternative to bankruptcy.

You enter into a legally binding agreement with your creditors (people you owe money to), which enable any debts to be frozen and no further added interest on those debts.

Once this has been agreed by your creditors they are not able to take any further legal action against you to recover outstanding debts. The arrangement will be worked out by taking your income and basic monthly outgoings into consideration and paying back creditors a proportionate amount of what they are owed , from the surplus.

This is a formal binding arrangement which is agreed with your creditors. Not all creditors may agree, but a 75% majority vote (by value of the amount owed to them) will secure the arrangement. Even if some creditors do not vote they are still bound to it.

Read 2058 times Last modified onTuesday, 25 April 2017 07:05
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