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Individual Voluntary Arrangement IVA, an alternative to bankruptcy
by: Greg Penn

An Individual Voluntary Arrangement (IVA) is an alternative to bankruptcy. If you have a substantial amount of unsecured debt an IVA could be your best solution.

IVAs are controlled by government legislation and can only be set up by licensed Insolvency Practitioners. An IVA acts as a legally binding agreement between you and your creditors, freezing interest charges on your debt and setting an affordable monthly payment amount over an agreed fixed period (usually 5 years).

It is important to remember that you should only consider an IVA if you have sufficient money available to contribute towards repaying your debts each month or additional assets which could be taken into consideration.

Disadvantages of Bankruptcy

Notices placed in the press
Potential loss of assets such as your home, business and car
Long term effect on your ability to apply for a credit or a mortgage
Restriction to work within certain professions or hold a position of office
Your utility suppliers gas, electricity etc informed
Your bank and building society accounts closed

IVA could help you with:

The unpaid balance of your debts is written off as much as 75%
One affordable monthly payment, usually for five years
Protects you from further action by your creditors
Your creditors are legally bound by the terms of the agreement
No uncertainty: you know how much you have to pay
Alternative to bankruptcy
No public notices: an IVA is between you and your creditors

Bankruptcy is not only option when getting out of serious debt?

Greg Penn specialises in debt advice and help articles. For more information please visit

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