Understanding Individual Voluntary Arrangements (IVA’s)
An Individual Voluntary Arrangement (IVA) is similar to Debt Management, it’s just got bigger legal muscles. Basically, you see what you can afford every month, and then divide that between your debts. An IVA must be supervised by a licensed Insolvency Practitioner. If you are facing any form of legal action, then this is definitely the path for you,
Really you should be looking at an IVA if:
- You have an sort of legal action pending
- You owe a higher level of debt
- Communications with creditors has become very strained.
Of course there will be exceptions to these rules, if you should be looking at Debt Management over an IVA we will let you know straight away.