INDIVIDUAL VOLUNTARY ARRANGEMENT

An Individual Voluntary Arrangement is where you come to an arrangement with your creditors to pay something off of your debts over a period of time.
This arrangement can save you money in the considerable costs that are incured when you are sent bankrupt.
It also means that the person or persons you owe the money to will actually get some money unlike bankruptcy where all of the costs and adminstration of the bankruptcy are met first and if there is anything left this is shared by your creditors