Individual Voluntary Arrangement (IVA)
- A repayment proposal presented by a debtor to his creditors via an Insolvency Practitioner
- A formal alternative for individuals wishing to avoid bankruptcy
- The debt is usually repaid over a set period of time, usually between 3-5 years, and can include agreed monthly/quarterly payments by the debtor
- Failure to comply with the IVA may lead to bankruptcy.