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Individual Voluntary Arrangement IVA

An Individual Voluntary Arrangement (IVA) cancels up to 75% of your debt legally so that you never have to pay the whole debt back.

An IVA is a legal agreement drawn up between the person in debt, all creditors to whom money is owed (banks, credit cards etc) and a Licensed Insolvency Practitioner. It is a legal process by which your unsecured creditors cannot pursue you for payment of your debts outside of the agreement.

In an Individual Voluntary Arrangement (IVA) you agree to pay a single, reduced, affordable, monthly payment for a period between 3 and 5 years after which the unpaid part of the debt is written off by the creditors. The creditors are aware of this and are in agreement with it.

It sounds too good to be true

During the repayment period all interest charges are frozen and all demands for money are stopped. Your creditors are not allowed to contact you directly.

Each creditor gets a share of the monthly payment, usually in year 3 and year 5 of the Individual Voluntary Arrangement (IVA), so no payments are made to individual creditors on an ongoing basis.
The Individual Voluntary Arrangement (IVA) is drawn up by the Licensed Insolvency Practitioner who then administers the arrangement.

But it is true

This may sound too good to be true but it is the law and creditors like it. Creditors are usually willing to accept an Individual Voluntary Arrangement (IVA) because it stops them spending more money chasing debts that can never be repaid. It is also in their interest to accept a reduced payment because they not only recover some money but they derive tax benefits by doing so. An IVA takes about 6-8 weeks to set up.

Is an Individual Voluntary Arrangement right for you?

Your debts must exceed £15,000. You must be a private individual (not a company). You must have a regular income. You can be a home owner or a tenant. You must live in England, Wales or Northern Ireland. If you don't quite fit these requirements we may still be able to help you.



Click here to find out if an IVA is right for you »

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