Glossary
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- Individual Voluntary Arrangements (IVAs)
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An IVA is a common alternative to registering oneself bankrupt and means the debt can be settled in a shorter time frame. To enter into an IVA, a debtor will generally need a substantial amount of money or saleable assets in order to afford the much larger instalments that typify this kind of arrangement. The typical IVA will last around three to five years, and in some cases require a lump sum up front as well as regular payments. A fee is also required, usually in the region of £1-2000, payable to the insolvency practitioner.
