Individual Voluntary Arrangement Administration

An Individual Voluntary Arrangement (IVA) is a formal agreement between someone struggling with debt and their creditors. In this arrangement, the debtor proposes a manageable repayment plan, usually over five years, to pay back a portion of what they owe. An IVA is administered by a licensed professional known as an Insolvency Practitioner, who helps negotiate with creditors. It allows the debtor to avoid bankruptcy, protect their assets, and make affordable payments, providing a structured way to regain financial stability while ensuring creditors receive some repayment.