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Individual Voluntary Arrangement


What is an IVA?

An IVA is an Individual Voluntary Arrangement which is in essence a contract between an individual and his or her creditors which allows the individual to delay or compromise the payment of debts. An IVA is flexible and can be adapted. In essence, an IVA will substitute the terms of the person’s existing contracts with his or her creditors with the terms set out in the IVA proposal. For example, the proposal might require the person to pay a fixed monthly sum into the arrangement for a period of say five years so that creditors receive a dividend. An IVA is a proposal to creditors and the term and amount of payments can vary pending on the circumstances and can potentially be modified by creditors. We can assist you and carry out a review of your affairs to ascertain whether an IVA is appropriate for you. We can then help in the drafting of the proposal.

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