Glossary - I



Informal Arrangement

A simple term for arranging reduced payments to creditors without using the services of a third party.



Insolvency

Having insufficient funds to meet all of your debts and / or being unable to pay debts as and when the money is due.



Insolvency Practitioner

A person who specialises in insolvency. They should be recognised by the appropriate regulatory body and are qualified to deal with your insolvency.



IVA - Individual Voluntary Arrangement

An IVA (Individual Voluntary Arrangement) is a legally binding agreement between you and your creditors that can help you become debt free usually within 60 months.