Individual Voluntary Arrangements

Many people think that bankruptcy is the only option if they have debts that they simply cannot afford to pay. Happily, that is not the case, as there are a range of alternatives that can be used to deal with personal debt problems. An Individual Voluntary Arrangement (also known as an ‘IVA’) is one of those alternatives, for people who live in England and Wales.

An IVA is a legally-binding arrangement that enables an individual to put a proposal to their creditors to settle unaffordable debts, avoiding bankruptcy and safeguarding major assets like the family home or a business.

There are free debt counselling and debt adjusting services that are available to you and you can find out more by contacting the Money Advice Service. You can follow this link for more information: