IVA (Individual Voluntary Arrangement)

If you are facing unsecyred debt levels of over £12,000, then an IVA (Individual Voluntary Arrangement) could help be your best solution to avoiding bankruptcy and allowing you to become debt free.

Unlike an informal Debt Management Plan, an IVA is a binding legal agreement. This can provide you with real advantages, for example, your creditors cannot take any further legal or collection action against you as long as you keep up on monthly payments.

Other IVA Benefits include:

• Your assets are protected, including your home.
• No more interest and charges added to your debts.
• You only pay a monthly sum that you can realistically afford.
• Anything that you cannot afford to pay is written off on completion of your IVA term.
• Only 60 months away from being debt free.

An IVA can only be arranged by a licensed Insolvency Practitioner, who will help you agree what you can afford and put forward your proposal which is subject to the consent of your creditors.

An IVA is an instrument of public policy, launched by the government in 1986 as a less severe alternative to bankruptcy. It is designed to help those that are struggling with unmanageable debts. There is no other debt solution, except bankruptcy, that can write off part of your debt.

If you want to know more about how an IVA could work for you, then please call our expert advisors on 0808 131 9101, or fill in the Debt Wizard to see what other debt solutions are available.

Entering into an IVA may adversely affect your credit rating for up to six years from the date of approval.

Your property will be protected within an IVA but you may be required to release all or part of any equity during the period of the arrangement.

Failure to complete the term of an IVA can result in bankruptcy.

(In Scotland, a PTD is the equivalent to an IVA.)