UK IVA (Individual Voluntary Arrangement) advice, help and information

If you’re considering an IVA as a solution to your debt problems it is important to have a thorough understanding of the procedure. All of our IVA advice, help and information is provided free of charge, by qualified Insolvency practitioners.An Individual Voluntary Arrangement (IVA) will only deal with unsecured debts.

The most common type of 'Unsecured' debts are personal bank loans, personal credit cards, store cards, catalogues, mobile telephone bills, unpaid utility bills, bank overdrafts, credit for electrical goods. Unsecured debts are NOT guaranteed against any Assets. In the event of the nonpayment of an unsecured debt, the creditor DOES NOT have the right to repossess an asset.

The agreement is fixed, meaning that creditors can not randomly demand changes to it. The arrangement is governed by the Insolvency Act of 1986. A common misunderstanding is that people think undertaking an IVA is like going Bankrupt. This is not the case. The IVA is specifically designed to avoid the many issues and stigmas surrounding Bankruptcy.

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Advantages of an IVA

Debt Free in 5 Years.
Telephone Calls and Payment Demands Stopped.
Interest and Late Payment Charges Frozen.
Single monthly repayment.
Repaired credit rating.
Fixed, Legally Binding Agreement.
Protection from court action.
A Private Agreement.
Professsional status unaffected.

Disadvantages of an IVA

Possible release of home equity.
Minimum level of debt.
No unsecured borrowing during the agreement.
A disciplined regimented process for 5 years.
Damaged credit rating.
Lasts longer than bankruptcy.
The actual amount you pay back will be more than the bankruptcy process.
You must include all creditors and without preference.

An Individual Voluntary Arrangement (IVA) gives the debtor protection, because when an Individual Voluntary Arrangement (IVA) has been accepted, ALL the creditors give up their right to take court action.

You will be given free, clear, concise and ethical advice about your debts. Any application and/or conversations will remain confidential and in strict accordance with our Data Protection remit, an Individual Voluntary Arrangement (IVA) specialist team will be at your side to guide you through the process.

It is essential, therefore, that you are truthful in disclosing your financial circumstances and demonstrate a real commitment to making a reasonable offer. Different lenders have different policies when considering IVA’s and so the minimum amount that you will have to offer to your creditors to have it approved varies, depending on who are your creditors. Currently it is unlikely that an IVA will be approved if the offer to creditors is less than 30%