IVA proposals

An Individual Voluntary Arrangement (IVA) is a formal agreement between someone struggling with debt and their creditors. It allows the individual to repay a portion of their debts over a set period, usually five years, while a licensed insolvency practitioner manages the arrangement. This can help individuals avoid bankruptcy, as it provides a structured plan to pay back debts based on what they can afford. Creditors typically agree to this plan because it increases the chances of recovering some of the owed money, while the debtor gains relief from overwhelming financial pressure.