http://debtsorters.co.uk/debt_blog The Thoughts of a Debt Advisor Thu, 25 Mar 2010 16:59:04 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 http://debtsorters.co.uk/debt_blog/2010/03/03/what-is-an-individual-voluntary-arrangement/ http://debtsorters.co.uk/debt_blog/2010/03/03/what-is-an-individual-voluntary-arrangement/#comments Wed, 03 Mar 2010 21:28:59 +0000 Nigel http://debtsorters.co.uk/debt_blog/?p=45 An IVA is a legally binding arrangement supervised by a Licensed Insolvency Practitioner, the purpose of which is to enable an individual, sole trader or Partner (“the Debtor”) to reach a compromise with his creditors and avoid the consequences of bankruptcy. The compromise should offer a larger repayment towards the creditor’s debt than could otherwise be expected were the Debtor to be made bankrupt. This is often facilitated by the Debtor making contributions to the arrangement from his income over a designated period or from a third party contribution or other source that would not ordinarily be available to a Trustee in Bankruptcy

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