Individual Voluntary Arrangements

Increasingly popular these days, an Individual Voluntary Arrangements (IVA) is a legally binding agreement between you (the debtor) and your creditors, giving you the opportunity to reorganise your financial affairs to the satisfaction of all parties – as well as relieving you of the stress that financial difficulties can cause.

Effectively an IVA freezes interest accruing on your debts and allows you to put a proposal to your creditors so you can repay all your debts (or a percentage of them) over a given period of time. We offer a free review of your financial affairs - and if we feel that an IVA is the right procedure for you, we’ll notify your creditors on your behalf that you’re going to enter into an IVA.

With an IVA there is no minimum dividend, no maximum dividend and no maximum duration – it’s very much down to your individual circumstances. We’re committed to giving you the best advice and we’ll guide you on formulating a proposal that maximises the return to your creditors, whilst making sure that the terms are both reasonable and achievable. Getting this balance right is crucial and you can be confident that we’ll help you make the right decisions – after all, we’ve been advising people for nearly 20 years on what makes a good Individual Voluntary Arrangement.

Under the law, you must prepare your proposal to creditors with the assistance of a licensed Insolvency Practitioner, known as a ‘Nominee’. We have fully qualified Insolvency Practitioners who specialise in personal insolvency, and we can assist you to complete the proposal to your creditors. We’ll also ensure that it maximises the return to your creditors within reasonable, realistic and achievable terms.

You must make a full disclosure to your Nominee of all your assets and liabilities - and the proposal should ensure that your creditors will measurably benefit from the arrangement, receiving a higher return than if you became bankrupt. The proposal is confidential and you will always remain in control of your assets.

It’s worth bearing in mind that you can enter into an IVA even if you’re already bankrupt or have been presented with a bankruptcy petition – and if you’re self-employed and working in a viable business, you can continue to trade.