IVA
Individual Voluntary Arrangement
An Individual Voluntary Arrangement (IVA) is a legal process by which you can gain protection from your
unsecured creditors by entering into a legally binding repayment agreement with them, which is then supervised
by a licensed insolvency practitioner.
The arrangement is supervised by a licensed Insolvency Practitioner who is responsible for all
negotiations with your creditors and for ensuring that you make all of the payments required under
the terms of the arrangement. You are normally required to make regular monthly repayments,
usually over a 5-year period, after which any balances remaining on your debts are written off.
Your supervisor in the IVA is required to review your financial situation every year and, if there
is a change in your financial circumstances (such as a salary increase) then you may be required to
increase your contribution.
IVA's do not have the stigma that is attached to bankruptcy, so the impact on the reputation is reduced.
IVA's are not advertised in the local press. However, they will be recorded on the IVA register held by the
Department of Trade and Industry.
If you have debts under £15,000 then we shall assess your circumstances as there is an alternative solution
to help reduce your debts. This is known as an informal payment plan (IPP). This is an informal process of
negotiation with your unsecured creditors to agree to a reduction in the repayment amount or a reduction in
interest charges. You will need to provide proof to the creditor(s) that you are unable to meet your repayments.
If you wish to find out more about our services please complete our short enquiry form and one of our advisors
shall contact you with some free advice.
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