Individual Voluntary Arrangements or Schemes of Arrangement - CRI Group

Individual Voluntary Arrangements or Schemes of Arrangement


An IVA or a SA is an alternative to bankruptcy; it enables an individual in debt to make a proposal to creditors to reach a settlement.

With an IVA you’ll reach an agreement with your creditors to make a single reduced payment each month.

This lasts for an agreed period of time. Once agreed no further interest or charges will accrue to your accounts. The agreement is fixed meaning that creditors cannot randomly demand changes to it.

We believe that IVAs and SAs will become an increasingly popular choice for people with debt problems in Cyprus in an effort to avoid bankruptcy.

Suitability for an IVA or SA – They are suitable when someone is unable to pay his/her debts and does not want to either file for bankruptcy or allow any of his/her creditors to make them bankrupt. It can be an attractive option to all parties including the creditors as often it presents for them a better result than formal bankruptcy.

It is crucial that contributions to any arrangement are based on what you can afford, not what creditors are asking for. That way you pay what you can realistically afford.

  • A substantial percentage of your debt can be written off;
  • Your monthly repayments are based on what you can afford;
  • Your creditors cannot harass you whilst the scheme is in place;
  • Once you have completed your arrangement according to the specified terms then you are deemed to be debt free.

Simply contact us for free, no obligation advice. Our team of professional and friendly advisors will guide you through and assist you in putting together a proposal to your creditors for their agreement.