Personal Services

Individual Voluntary Arrangement (IVA) or Scheme of Arrangement (SA)

An IVA, or an SA, is an alternative to bankruptcy. It is a tool to give an individual the chance to come to an agreement of settlement with a creditor. We believe that this method will become an increasingly popular choice for people with debt problems in Cyprus who wish to avoid becoming bankrupt and for their creditors.

Through an IVA the debtor will come to an agreement with his creditors to make a single reduced payment each month. This lasts for an agreed period of time and no further interest or charges can be added to the total owed and the agreed terms cannot be altered by either party.

Of course, it is crucial that the rate of contribution and length of the agreement is based on what the debtor can afford to pay and not what the creditor is requesting. If the payments are not realistic then the IVA will not be viable.


The Benefits of an IVA

  • Your creditors are not allowed to harass you during the course of the scheme,
  • A substantial portion of the debt is written off.
  • Your monthly payments will be only what you can afford.
  • At the end of the arrangement, providing that you have adhered to the terms throughout, you will be deemed to be debt-free.


Just contact us for free, no-obligation advice to see if we can help you. You have nothing to lose, but a lot to gain.





















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