Webvoluntary arrangement noun [ C ] FINANCE, LAW uk us in the UK, an agreement between a person or company that owes money and is in financial difficulty and their creditors. This allows them to avoid being made officially bankrupt: One way of reducing repayments is to enter into a voluntary arrangement with your creditors. WebAn IVA is a legally binding agreement set up between you and your creditors for you to repay an amount you can afford over a fixed period of time; usually around five years. It allows any unsecured debts to be written off at the end of the IVA. Key points:
Individual voluntary arrangements (IVAs) - Citizens Advice
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