An expert hand leading you through the world of personal debt

Our friendly approach will ensure you are comfortable when discussing personal debt. If an Individual Voluntary Arrangement is right for you, we will take you through the process providing help along the way.

What is an Individual Voluntary Arrangement?

An Individual Voluntary Arrangement (more commonly known as an IVA) provides a person (individual) with personal debt an opportunity to negotiate with creditors. They involve the individual agreeing to repay a portion of their debt over a period of time. The benefits of an IVA include:

Negotiating an affordable debt repayment plan

Protection against any action to recover debts

Paying creditors either in full or in part, over an agreed period of time

A freeze on interest charges

How does an Individual Voluntary Arrangement work?

An IVA is a binding agreement between an individual and their creditors.

A proposal will be presented to creditors for approval. Once approved, the IVA will be overseen by a ‘Supervisor’ (Licensed Insolvency Practitioner) and will cover all of the individual’s unsecured creditors. This can include credit card and tax debts.

The Supervisor’s role is to ensure that all parties abide by the terms of the agreement.

An Individual Voluntary Arrangement can last for any length of time but is usually 5 years. Once the IVA is complete, the individual is released from the debts they owed before the IVA with any unpaid balances written off.

An IVA will remain on an individual’s credit history for six years.

If an individual fails to satisfy the terms of the IVA, they may enter into a subsequent insolvency process such as Bankruptcy.

Talk to us today

Are you struggling to keep up personal debt repayments? Contact us today and find out how an IVA can help.

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