IVA - Individual Voluntary Arrangement

Voluntary Arrangements are a relatively new solution that is monitored by an Insolvency Practitioner.

Individual Voluntary Arrangement (IVA), Partnerships Voluntary Arrangement (PVA), Company Voluntary Arrangement (CVA)

Voluntary Arrangements are for a range of people and companies where their debts are more than £15,000.  A series of negotiations are undertaken between the Insolvency Practitioner (IP) and the creditors to agree a percentage of the debt that is written off.  The remaining debt is the recalculated to be repaid over 60 months or 5 years.

VA's are very strict and are monitored very closely, defaulting on any VA will result in bankruptcy.  Therefore they are not suited to everyone and should be considered very carefully.

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