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National Debtline

Advice you can trust

Individual voluntary arrangements

If you cannot afford the payments to your creditors or your assets are worth less than your total debts, you are likely to be insolvent. An individual voluntary arrangement (IVA) may be a suitable option for you. Get debt advice about the advantages and disadvantages of all your options before deciding which option to take.

Your budget

  • Don't forget that you need to work out a budget before you tackle your debt problems.
  • After you have worked out your income and outgoings you will be able to see how much you have left over.
  • If you do not have enough spare income to pay your creditors, a personal insolvency option could be suitable for you.

Individual voluntary arrangements

  • An individual voluntary arrangement (IVA) is a legal agreement between you and your creditors to repay part of what you owe.
  • If you are a sole trader you can usually include your business and personal debts.
  • When the IVA is finished, any unpaid debt is written off.
  • We can help you set up an IVA.

Business insolvency

  • Personal insolvency options deal with any personal debts you cannot afford to pay.
  • If you have business debts that you cannot pay, you may need to use a business insolvency option.
  • Business insolvency options can have very different consequences for you and your business.