What is an Individual Voluntary Arrangement?

• An Individual Voluntary Arrangement is more commonly known as an IVA.
• An IVA is a formal arrangement with all the unsecured creditors you owe money to.
• The agreement made between you and your creditors could result in you not paying back the full amount, you could write off up to 100% of the debts you cannot afford to pay. The alternative to an IVA could be bankruptcy.
• An IVA usually lasts for five years and over this period you would be expected to contribute a monthly payment into the IVA scheme fund. The level of this contribution is decided by YOU in conjunction with the Insolvency Practitioner appointed by you. This amount must be affordable by you and agreed by your creditors. These funds are then paid out to your creditors on a periodic basis throughout the term of your IVA.
• An IVA is also a way forward for sole traders and business partnerships, where short term cash flow problems have been encountered but the business remains viable and profitable.
  
  The benefits of an accepted IVA are:
• your home would be protected from any action by unsecured creditors; your debt would be repaid in affordable monthly repayments; your current debts cannot increase;
• all interest and charges will be frozen - your current debts can not increase;
• bailiffs will be prevented from calling;
• it will prevent bankruptcy proceedings on existing debts; and
• you would be seen to be repaying your creditors.
  
  To discuss your financial worries please call 0800 458 3320 and ask to speak to a member of our advice team who will be happy to discuss YOUR personal circumstances and help YOU decide which way is the best way forward for YOU.

We understand that you may require guidance and encouragement to help you through these difficult times.

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	Is an IVA right for me?