An Individual Voluntary Arrangement (IVA) is a legally binding agreement between an individual and his/her creditors, which provides for repayment of part of the debt, in full and final settlement of the total debt. The balance is “written off”.

IVAs are often used in preference to personal bankruptcy to enable a better return to creditors and to avoid bankruptcy restrictions for the individual

Individual Voluntary Arrangements (IVAs) are intended for individuals who may be trading either in partnership or as a sole trader, without the protection of a limited company, or have just accrued personal debts that have become unmanageable.

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