What Is An IVA?
An individual voluntary arrangement (or IVA) is a legally binding arrangement between you and your creditors that forms part of the 1986 Insolvency Act. It is an ideal solution if you can no longer afford to make your monthly repayments to your creditors in full, but can afford to make a reasonable offer.
An IVA is available to all individuals, Sole Traders and Partners who are experiencing creditor pressure. It is used particularly by those who own property and wish to avoid the possibility of losing it in the event they were made bankrupt.
Pros and Cons of an IVA
your property is protected
your IP can help you work out how much you can afford to repay
your IP will contact all your creditors and get them to agree to your IVA for you
your creditors can't take any action against you – for example, taking you to court or making you bankrupt
interest and charges are usually stopped
your IVA will be listed on the Individual Insolvency Register
rigid payment terms
if the arrangement fails this could lead to bankruptcy
there are restrictions on your expenditure whilst in the arrangement
will adversely affect your credit rating
Further Information
What Is An IVA? Want to know more? Contact us now using the contact form or call us on 0800 988 7701 for no obligation help and advice.
Our IVA is available in the following countries:
In Debt? Dealing With Your Creditors - Must read guide from the Insolvency Service.
