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.
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
Did this answer your question?