An Individual Voluntary Arrangement is a scheme created and endorsed by the Government. Known as an IVA, it is a very popular way for any individuals if they qualify to repay their debt at an affordable amount per month but with a guarantee from creditors that debt will be repaid in under 60 months from the start.
Any amounts oustanding are written off. If you have agreed personal debt and can't afford to repay due to unforeseen circumstances and are unable to attain any further credit to clear your debt, this could be the BEST SOLUTION FOR YOU!