Individual Voluntary Arrangements (IVAs)

An Individual Voluntary Arrangement (IVA) is a formal, legally binding agreement between a person and their creditors to settle debts over time. It involves creating a realistic payment plan, often reducing the total amount owed, which is then approved by creditors and supervised by a licensed administrator. IVAs allow individuals to avoid bankruptcy, manage debts more effectively, and protect their assets. Once the IVA is in place, they make payments as agreed, and after completing the plan, remaining debts covered by the IVA are typically written off.