What is an IVA, CVA or DRO or Bankruptcy? | FAQs | Our loans | Foundation East

What is an IVA, CVA or DRO or Bankruptcy?

Bankruptcy is a legal procedure for people in financial difficulty who owe a significant amount to thier creditors. An undischarged bankrupt is someone who is still going through the process of bankruptcy.
www.debtadvisorycentre.co.uk

An Individual Voluntary Arrangement (IVA) is a legal procedure for people in financial difficulty who have unsecured debts. www.stepchange.org

A Company Voluntary Arrangement (CVA) is a legal procedure for company’s experiencing difficulties in paying their creditors. www.companyrescue.co.uk

A Debt Relief Order (DRO) is an order someone can apply for if they can't afford to pay off thier debts. www.adviceguide.org.uk

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