It is a formal contract between an individual and his or her creditors. It allows an individual to repay some or all of the liabilities from future earnings or another source over a period of time, typically can be over 5 years.
In 2011 Griffin & King achieved over 90 per cent acceptance rate for Individual Voluntary Arrangements (IVAs), and in the process helped people with debts totaling more than £2.5 million find a way of resolving their debt problems.
Typical examples of situations where an IVA has helped
- Individuals who have professional qualifications such as Solicitors, Accountants and Independent Financial Advisors where bankruptcy could be career ending.
- Where credit cards have spiralled out of control.
- Sole traders who have an underlying profitable business which can be salvaged.
- Directors of failed companies where their personal guarantees are being called upon.
If you would like more information, please feel free to call us to discuss the process in more detail.