Individual Voluntary Arrangement

An IVA “Individual Voluntary Arrangement” is a legally binding agreement between you and your creditor. It allows an individual in financial difficulty to msake a formal proposal to settle their debt within a reasonable and fixed period of time (normally 5 years).

An IVA involves making monthly payments based on an affordable disposable income. Once the final payment is made, any outstanding debt is legally written off.
An IVA will:

• Prevent any legal actions against you.
• Freeze debt interest and charges.
• Cancel out any existing CCJ's.
• Cease demanding letters and phone calls from your creditors.
• Your case is strictly confidential and will not be published in the local paper.
• Your case will not affect your professional life and you are able to continue your career without interruption.
• One solid repayment fee, usually a minimum of £200/month.
• Your creditors deal with our Insolvency Practitioners to relieve you of phone calls and written reminders.
• Once in an IVA, creditors cannot change the conditions of the agreement unless approved by you.
• You will be involved in the choice of assets made available to creditors. As long as 75% of all your creditors agree with the terms of your IVA the other 25% are legally bound to the agreement as well.