An Individual Voluntary Arrangement or IVA is a positive alternative to bankruptcy for many people who are currently struggling with financial difficulties and mounting debts. There are many benefits to an IVA over the traditional bankruptcy route, this includes being able to keep your assets such as your home and car and any equipment necessary to do your job. Also, unlike bankruptcy, you will not be scheduled for a court appearance, and will not be placing your case, your asset and the future of your finances in the hands of a magistrate. An IVA is still a legally binding agreement; failure to meet the demands of its contracted obligations could lead you to court. However, when constructing an Individual Voluntary Arrangement, you have the opportunity to work out what you really can afford, so that failure to make repayments does not occur.

It is best to seek the advice of a qualified professional when dealing with all aspects of debt. An IVA proposal needs to be prepared by such a licensed professional and this will benefit you greatly as they are the one who will negotiate the terms of the IVA on your behalf, and get you the best deal that you can afford.

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