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 totalling more than £2.5 million find a way of resolving their debt problems.
IVA’s can be used to help individuals for whom bankruptcy could be career-ending, such as solicitors, accountants and IFAs. IVA’s are often used for consumers who have let their credit cards spiral out of control, but they are equally appropriate in a business context for sole traders, particularly where there is an on-going business which is capable of being salvaged.
If you would like more information, please feel free to call us to discuss the process in more detail.