Individual Voluntary Agreement

An IVA “Individual Voluntary Arrangement” is a legally binding agreement between you and your creditor. It allows an individual in financial difficulty to make a formal proposal to settle their debt within a reasonable and fixed period of time (normally 5 years). Any interest and debt charges will be frozen and creditors will be prohibited from demanding additional payments. 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. As thus the aarrangement can write off of your debts (subject to your circumstances).

When an individual is unable to meet the repayments on their existing credit agreements, and is facing bankruptcy, it is possible to enter into something known as an Individual Voluntary Arrangement (IVA).

An IVA, usually lasting for 5 years, is an agreement that allows the borrower to repay a percentage of his debts to his creditors. Supervised by an independent third party, known as an insolvency practitioner, after the 5 years has passed any outstanding debts will normally be written off.

If you are struggling to meet the repayments of an existing IVA, but own a property with positive equity that could be released to help improve your financial situation, then we can help (please fill the application form).

Advantages

If you genuinely cannot afford to pay your creditors in full they may settle for as little as 20p in the £. 

A single lump sum payment may be accepted by your unsecured creditors to clear all of your debt.

IVAs can only be completed with the supervision of a Licensed Insolvency Practitioner and are strictly regulated, so that all costs and terms are set out from the start.

Unlike bankruptcy, there are no restrictions on staying in business or obtaining credit.

Although your credit rating may suffer for a while, it is likely to quickly recover after completing a successful IVA.

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