Individual Voluntary Arrangement (IVA)

An IVA (Individual Voluntary Arrangement) could be your best solution to becoming debt free. If you can answer yes to the following questions then you may be IVA eligible:

• Have you got over £15,000 worth of unsecured debts?
• Do you have three or more creditors?
• Are you unable to keep up any minimum payments?
• Are you so financially stretched that you are considering bankruptcy?

Avoid Bankruptcy and become Debt Free with an IVA 

An IVA can help you avoid bankruptcy, as the IVA scheme was brought in by Government Legislation for this purpose. It provides those struggling with unmanageable debts with a viable and less severe alternative to bankruptcy. If you qualify then you have the legal right to propose an IVA, which is subject to the consent of your creditors. 

No other solution, except bankruptcy, can write off part of your debt.

IVAs are legally binding to your creditors, meaning that as long as you maintain your monthly payments then they cannot take any legal action against you. However, as an IVA is legally binding on both parties, then you must make sure you are able to afford the monthly payments.

Debt Free - IVA Benefits

• One low monthly payment that you can afford.
• Write off a substantial proportion of your debt.
• Be Debt Free in 60 months.
• All Interest and charges stopped.
• Your home and personal assets are protected.
• No more worry about creditor calls or letters.

As an IVA is a complex legal procedure, it can only be arranged by a licensed Insolvency Practitioner, who will put forward your proposal to your creditors. 

If you want to hear more about the IVA process and how it can work for you, please call our expert advisors on 0808 131 0039.

Not sure what Debt Free solution is right for you? Take the Debt Free Test to see your best debt solution.

Entering into an IVA may adversely affect your credit rating for up to six years from the date of approval.

Your property will be protected within an IVA but you may be required to release all or part of any equity during the period of the arrangement.

Failure to complete the term of an IVA can result in bankruptcy.

(In Scotland, a PTD is the equivalent to an IVA.)