When faced with spiralling debts looking for a solution is often confusing to say the very least, so ensuring you understand key debt management options and all the associated jargon is essential. In this article we will examine the key question of what is an IVA?
An IVA stands for Individual Voluntary Arrangement and is an approach that can be taken by individuals to try and manage their debt problems. It is some times taken on by those people who are in extreme debt but who want to avoid the issues associated with bankruptcy - and an IVA may allow them a stay of execution at least. By agreeing a legally binding deal (that is overseen by an insolvency practioner) with those to whom you owe money it may be possible to avoid the immediate impact of bankruptcy.
However, an IVA is not available to everyone so it is important to know if you qualify for this financial option.
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