Individual Voluntary Arrangement (IVA)

An agreement with your creditors to pay all or part of your debts, giving you more control of your assets than bankruptcy.
What is an IVA?

An Individual Voluntary Arrangement (IVA) is an agreement with your creditors to pay all or part of your debts. You agree to make regular payments to an insolvency practitioner, who will divide this money between your creditors. An IVA can give you more control of your assets than bankruptcy.

Should an IVA be the best option, our experienced agents will run you through the whole process before you commit to an arrangement. We’ll review your financial situation to determine your level of debt and what you can afford to repay each month.

Our debt experts begin the IVA process by checking your income, expenses, and debt level. We then work with you to check out all your options and confirm if an IVA would work best in your specific situation. If an IVA is right for you, we will determine a monthly amount that you can realistically afford to repay each month.

Provided you maintain payments, all unpaid debt is written off at the end of the IVA, which typically lasts 60 months (5 years). All remaining debt is written off at the end of the IVA.

Please Note: By entering an IVA, you will be entered onto a public register.
The Pros of an IVA
An IVA would cover most of your unsecured debts. Debts covered by IVA include:
The Cons of an IVA
An IVA would cover most of your unsecured debts. Debts covered by IVA include:
How it works / Which Debts are included in an IVA

An Individual Voluntary Arrangement (IVA) freezes your debts and allows you to pay them back over a set period. Any money you still owe after this period is then written off.

The IVA is set up by a qualified professional called an Insolvency Practitioner, who will work with you to put together a proposal to take to your creditors for approval. It very much depends on what your circumstances are as to whether they will agree to the plan.

You can apply for an IVA if you can afford to pay something towards your debts but not necessarily the full amount your creditors want. You will need to show you have a regular long-term income as the repayments will usually cover a period over 60 or 72 months (five to six years).

An IVA is a legally binding agreement between you and the people you owe money to.
This means once you’ve signed it, neither you nor your creditors can back out. So you need to make sure it’s right for you.

An IVA would cover most of your unsecured debts. Debts covered by IVA include:
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