You may have read or heard of Individual Voluntary Arrangements or IVAs in the newspapers and television. The IVA is a formal process where you can gain protection from your unsecured creditors by entering into a legally binding agreement to repay them.
IVAs are mostly suited to people with significantly high levels of unsecured debt.
Is an IVA right for you?
Do you owe more than £15,000?
To find out either call us free on 0800 848 8833 and speak to one of our friendly advisers or apply on-line.
Individual Voluntary Arrangements are supervised by a licensed Insolvency practitioner who is directly responsible for negotiating with creditors and who will ensure that you make all the
payments due under the terms of the arrangement.
Normally you are required to make an agreed monthly payment over a fixed number of years after which any balance that remains on the debts you owe are written off. There are implications for homeowners which we can explain.
You should take note that if your financial situation improves during the term of the IVA, you may be
asked to increase your monthly contributions.
The success of an IVA relies upon the goodwill and agreement of the majority of your creditors to accept your monthly payment and, if accepted, you could see yourself free of debt within 5 years, the typical term for an arrangement.
An IVA is not suitable for everybody and may not be the best option so professional advice should be sought . It is a highly specialised procedure and we only work with licensed practitioners and turnaround professionals who meet the criteria and are members of R3, the Association of Business Recovery Professionals or of the Insolvency Practitioners Association.
Read our Voluntary Arrangements Frequently
Asked Questions (FAQ)
