Individual Voluntary Arrangement (IVA) 
An IVA is an alternative to bankruptcy. It is a legally binding agreement and generally lasts for five years to clear debts, either in full or in part and is binding on all your creditors.
To qualify, you will usually need to agree to the sale of an asset, or be able to contribute from your income.
Sometimes it is a combination of the two. If you'd like an IVA proposal you will first need to appoint a licensed insolvency practitioner and they will do the necessary to get approval by creditors.
If you would like advice on your personal financial situation, our experts at REVIVAL will be pleased to help you.
View the REVIVAL website
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