IVA Individual Voluntary Arrangement service

Our Individual Voluntary Arrangement (IVA) Service offers you access to Schemes for clients who have debt problems but still have income and wish to avoid bankruptcy.

Below is some further information regarding IVA’s that you may find suitable for you. We have a number of companies on our panel that will deal directly with you to assist them with your debt problems.

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Positives	Negatives
Debt free in 5 years	Possible release of home equity
Creditor calls and payment demands stopped	Lasts longer than a bankruptcy
One single monthly payment	All creditors have to be included
Repaired credit rating	There is a minimum level of debt
Legally binding	You cannot borrow during arrangement
Your job status is unaffected	Lasts for 5 years
Interest and charges frozen	You will have to pay back more than bankruptcy
Protection from court action	Your credit rating is damaged
Companies look at you more ethically than they would for bankruptcy	You must be able to service payment plan

What is an Insolvency Practitioner?
A voluntary arrangement is literally as it states – An Insolvency Practitioner (IP) organises an arrangement by a person with their creditors for the discharge of their debt. The schemes require the approval of the court and are monitored.

How long is an agreement for?
The agreement with the creditors allows for a reduced payment each month to be made towards the total amount of debt you owe your creditors. After a period of time usually 5 years the debt is then classed as settled.

How much can the process write off?
An agreement can write off up to 65% of your clients debts (subject to your circumstances). Once you have made your final payment all the outstanding debt is legally written off.

What is the eligibility for an agreement?
This depends on your circumstances. Usually the personnel debt must exceed £15,000 and should be with at least 3 creditors. You must have the income to be able to offer a reasonable amount of payment to your creditors.

Can anyone do an agreement ?
Yes, absolutely anyone in the UK can apply.

What kind of debts can I put on my agrrement?
Store cards, catalogues, credit cards, personal loans, overdrafts. All unsecured debts can be considered including guarantees on business overdrafts and personal debts to the VAT and Inland Revenue however these debts may be treated preferentially within the application.

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