Individual Voluntary Arrangements (IVAs) have become a popular way to deal with the problem of large debts. An IVA is where you formally agree with your creditors to pay part or all of your debts on a monthly basis for a set period of up to 5 years.

An IVA is usually a less expensive expensive option than bankruptcy and is more appropriate if you have major assets such as property. You also avoid the various restrictions of bankruptcy.

To take out an IVA, you must appoint a licensed insolvency practitioner such as one of the partners of Parkin S Booth. Contact us today for free advice with no obligation.

You can find further details about IVAs at: www.insolvency.gov.uk