IVA’s were originally designed for small businesses who were in financial difficulty, as an alternative solution to filing for bankruptcy.
An IVA is an agreement between the debtor and his creditors (the companies money is owed to) and is a legally binding contract to repay a set amount of the money over a period of 5 years.
IVA’s have become very popular with individuals now, but IVA’s aren’t the best option for everyone and many were being mis-sold.
Last week it was announced that:
The Insolvency Service has set up a new protocol to allow the whole process to be more transparent and easier for consumers to make an informed decision about taking out an IVA.
Read more at New IVA Rules
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