IVA stands for Individual Voluntary Arrangement. It is often thought of as an alternative to bankruptcy. In certain circumstances an IVA can be a more suitable alternative to bankruptcy. An IVA carries the following advantages:

1. You will not need to sell your house.
2. Avoids having to go to court.
3. You will be out of debt in the pre-arranged amount of time. Usually 60 months.
4. Your creditors will stop chasing you for payments.
5. There is no need for an official investigation into your finances
6. IVAs are not published in local newspapers.
7. Creditors can be forced to accept the IVA offer.
8. You will have protection from all of your unsecured creditors.

Remember to always receive professional advice before going forward with an IVA as every situation is different. The arrangement will be made to suit the personal circumstances of both yourself and your creditors.