Individual Voluntary Arrangements (Ivas) Individual Voluntary Arrangements are an obligation rebuild choice intended for individuals with high measures of obligation. In an IVA obligations are solidified so a solitary installment is made every month for an altered time of time, normally five years. At the close of this period any remaining unpaid obligation is composed off by the banks. Ivas however are just accessible to individuals who meet certain qualifying criteria. For the most part for an IVA to be fitting the individual will have joined together obligations of in any event £12,000 partitioned between more than one lender. Debt Relief Order (DRO) Introduced in 2009, Debt Relief Orders are an elective to liquidation for individuals on a low salary and with few stakes. They furnish a path for an individual to seek chapter 11 without needing to experience the full Court Bankruptcy system. Accordingly it is a shabbier choice than getting bankrupt. Obligation Relief Orders are however very limited on who can apply along these lines numerous individuals won’t qualify. Keeping in mind the end goal to qualify an individual will have obligations of less than £15000 and reserve funds of close to £300.