IVA Questions & Answers
Q : What is an Individual Voluntary Arrangement?
A : An Individual Voluntary Arrangement (IVA) is a legally binding contract made between you and your creditors. It is an ideal alternative to bankruptcy. An IVA is an arrangement to settle debts within a fixed period of time normally 5 years. All interest is frozen and after the end of the arrangement, outstanding debt is written off. The arrangement is governed by the Insolvency Act of 1986.
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