What is an Individual Voluntary Arrangement (IVA)?

An individual voluntary arrangement (IVA) is a formal agreement allowing you to make affordable payments to your debts, usually over five years.

At the end of your IVA any unsecured debt left is written off.

You can also make a one-off payment known as a lump-sum IVA, which will mean that an IVA may only have to last a few months.

What are the advantages of an IVA?

How do I know if I’m insolvent?

Before we can consider the various solutions available for an individual, it is important to first understand what the term insolvent means.

An individual is insolvent when they have insufficient assets to cover their liabilities/debts or are unable to pay debts when they fall due.

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