Lisa Thomas, insolvency practitioner at Neville & Co explains how an Individual Voluntary Arrangement (IVA) can help in getting on top of personal debts.
You will probably have seen the adverts on daytime television showing happy, relaxed looking people being given a fresh start by writing off their debts. It sounds too good to be true but in some cases it actually is true.
What these adverts are offering is usually an Individual Voluntary Arrangement (IVA). These are a formal insolvency procedure which can sometimes be used by individuals as an alternative to bankruptcy. An IVA is effectively an agreement between an individual and their creditors which is legally binding. It u…
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