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    With levels of consumer debt having recently surpassed ?1 trillion in the UK, more and more people have found themselves in the unfortunate position of having insufficient funds available to cover their outgoings. As many consumers look for an escape out of debt, they are sometimes advised to consider bankruptcy if they have large levels of debt. However, there is another option that may help people who find themselves in financial difficulty reclaim a firm financial grounding: an Individual Voluntary Arrangement, or IVA.

    An IVA is a legal contract between you and your creditors, and it is a legally binding arrangement. It is supervised by a licensed Insolvency Practitioner, the purpose of which is to enable you to reach an agreement with your creditors and avoid the consequences of bankruptcy. If you c
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    cient funds available to cover their outgoings. As many consumers look for an escape out of debt, they are sometimes advised to consider bankruptcy if they have large levels of debt. However, there is another option that may help people who find themselves in financial difficulty reclaim a firm financial grounding: an Individual Voluntary Arrangement, or IVA.

    An IVA is a legal contract between you and your creditors, and it is a legally binding arrangement. It is supervised by a licensed Insolvency Practitioner, the purpose of which is to enable you to reach an agreement with your creditors and avoid the consequences of bankruptcy. If you c
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    e levels of debt. However, there is another option that may help people who find themselves in financial difficulty reclaim a firm financial grounding: an Individual Voluntary Arrangement, or IVA.

    An IVA is a legal contract between you and your creditors, and it is a legally binding arrangement. It is supervised by a licensed Insolvency Practitioner, the purpose of which is to enable you to reach an agreement with your creditors and avoid the consequences of bankruptcy. If you c
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    l Voluntary Arrangement, or IVA.

    An IVA is a legal contract between you and your creditors, and it is a legally binding arrangement. It is supervised by a licensed Insolvency Practitioner, the purpose of which is to enable you to reach an agreement with your creditors and avoid the consequences of bankruptcy. If you c
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    licensed Insolvency Practitioner, the purpose of which is to enable you to reach an agreement with your creditors and avoid the consequences of bankruptcy. If you can’t afford to repay all your debts, an IVA can be used to repay as much of the debt as possible in the most appropriate way. Creditors - such as credit card companies, banks and even debt buying companies such as Capquest - are more likely to accept proposals made through an IVA as they are likely to receive a greater monthly payment than they would if a debtor were made bankrupt.

    An IVA works in several ways: it reduces the amount of debt that is repaid, freezes interest charges and reduces monthly payments – meaning more money is available at the end of the month. An IVA is a totally private arrangement – nobody needs to know about it apart

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