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Individual Voluntary Arrangements

An Individual Voluntary Arrangement is a suitable alternative to bankruptcy for many people. This is a legal process of repaying serious debts, in excess of £15,000 over a fixed term.

With the help of a licensed insolvency practitioner, you work out what you can realistically afford to pay back over a period of time - usually 5 years. If a 75% majority of your creditors accept your monthly payment proposal, your IVA is accepted and you could see yourself debt free in five years.  

Most creditors will normally accept a reduction in the overall level of debt by as much as 75%.

To get FREE advice from an insolvency practitioner, simply complete our no obligation enquiry form.

Advantages of an IVA
  • All interest and charges on your unsecured debts will be frozen and all unsecured creditors (people you owe money to) will be bound by the IVA.
  • Providing you keep to the terms of your arrangement, you are protected from any further legal action by your creditors including bankruptcy. They will also be prevented from hassling you.
  • Monthly payments into an IVA can be as little as £250 per month and the amount you pay will be based on what you can afford.
  • At the end of the Individual Voluntary Arrangement, the unpaid balance of your debt is written off which means you could reduce your debt by as much as 75%.
  • Unlike bankruptcy orders, details of Individual Voluntary Arrangements are not published on the internet or in local newspapers.
  • You will be able to keep your house and car.
  • It will not jeopardise your employment position if you work in the Police Force or Armed Forces for example, nor will it affect your ability to hold public office or act as a company director.