Before entering an IVA process, it is very important that you make a thorough research. By this, it is meant that you should get very well acquainted with the specific terms an Individual Voluntary Arrangement implies. Most of the individuals, before they start the process, know very basic things about such an agreement:

• it is a legally binding process
• it takes around 60 months to complete
• they must keep up with their payments, otherwise they are liable to face bankruptcy
• the average monthly repayment amount is set at around £200
• creditors, within the creditor’s meeting must accept the proposal before the IVA can start.

But what about specific terms like Administrative receivership or the Company Directors Disqualification Act of 1986? These are all terms very closely related to the IVA process, and unless you make a research on your own, and take a few hours in order to read through an IVA Glossary, you will not have the basic knowledge that you actually need.

In order to understand IVA as a complex process, in order to be able to go through the whole process successfully, you must read an IVA glossary. You don’t have to memorize terms, but by simply understanding what each term refers to, it will be of great help for you.

By simply browsing online, you have access to free invaluable information. A glossary will help you understand the process as a whole:

• It will highlight the most important Acts that are related to the process, such as: the Company Directors Disqualification Act of 1986, the Insolvency Act of 1986, or the LPA (or Law Property Act) of 1925. Understanding all these acts, you will immediately have a much clearer vision upon the process of Individual Voluntary Arrangement.
  
  
• It will help you understand new terms like: debenture, Lien, Liquidation, Misfeasance, Receivership, Proxy holder, and so on.
  
  
• When you are being faced with some irregularities, or matters of concern while in the IVA process, you will always understand much better the terms and conditions if you have read an IVA Glossary in prior.
  
  
• Building up a vocabulary with the help of a glossary will also help keep a better communication with your Insolvency Practitioner. Also, if you will be faced with your creditors, or you need to write a letter to them, you will be able to use the most appropriate language.

Within our IVA Glossary you will find approximately 80 terms and their short descriptions, so feel free to browse through!