IVA
Business & Finance abbreviation · Personal Finance
| Stands for | Individual voluntary arrangement |
|---|---|
| Categories | Business & Finance |
IVA stands for Individual voluntary arrangement, a personal finance abbreviation.
Formal UK insolvency agreement, supervised by a licensed insolvency practitioner, in which a person repays part of their debts over a fixed period, usually five or six years, and the remainder is written off. Creditors holding 75% of the debt by value must approve it.
Example: Taking out an IVA stopped the creditor calls, but it will stay on my credit file for six years.
Usage notes
Available in England, Wales and Northern Ireland; Scotland uses a different arrangement called a protected trust deed.
Related abbreviations
More personal finance abbreviations
- HSA – Health savings account
- HYSA – High-yield savings account
- IBR – Income-Based Repayment
- IDR – Income-driven repayment
- IRA – Individual retirement account
- ISA – Individual Savings Account
- LCOL – Low cost of living
- LISA – Lifetime ISA
- LPFSA – Limited-purpose flexible spending account
- MMA – Money market account
- NPS – National Pension System
- NUA – Net unrealized appreciation