Glossary

 

A | B | C | D | F | G | H | I | J | L | M | N | P | S | T | U | W | 

I


Individual voluntary arrangement (England & Wales)

An individual voluntary arrangement (IVA) is a formal arrangement to pay an agreed amount off your debts over a shorter period. Any debt left at the end of the IVA is written off. IVAs can be set up in a number of different ways, either as a monthly instalment plan over a fixed term (normally five years), or a short term arrangement if you have a lump sum to offer. Some IVAs are a mixture of both.

An IVA can be a useful alternative to bankruptcy if you are worried about possible risks to your job or home. Read more about IVAs.