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While the IVA is being established, the IP may be able to secure a court order to prevent creditors from taking action during this period.Individual Voluntary Arrangements, or IVAs, are other .An IVA is an agreement between the consumer and creditors to pay all or a portion of the debt.Consumers who can afford to make regular payments toward their debts may be eligible to apply for an Administration Order with the local county court.
The individual enters an agreement to make regular monthly or weekly payments from income to the court, which allocates the money to each creditor.
There are no limits to debt level and repayment amount under an IVA.
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