IVA – Individual Voluntary Agreement
IVA provides a viable alternative to bankruptcy and is therefore for those individuals that really cannot afford to pay off existing debts any longer. An IVA can help because it is a proposal that is sent to all of an individual?s creditors offering a settlement over a period of five years or so. After that period, the debt is settled. However, there are certain criteria that your proposal has to meet before coming in to being!