Individual voluntary arrangement was
introduced in the year 1869 by government as a help to the people suffering
from death trap so that they can save themselves from unending debt problems. In
this procedure the debtor need to pay only an affordable amount per month for 5
years continuously to his lenders. By the time, he remits the last payment his
all debts are automatically treated as closed and making him a man free from
debts. This will help them to get the debt wiped off in a systematic and easy
manner. Unlike bankruptcy where the attempt is not to pay off the debts in iva
the attempt is to close the debt by paying what is possible for the debtor.
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