Individual Voluntary Arrangement

An IVA is a formal arrangement with all the unsecured creditors you owe money to .It is a flexible contractual arrangement with creditors which reflects your personal circumstances. An IVA usually lasts for five years and over this period you will be expected to contribute a monthly payment. The level of this contribution is decided by you in conjunction with your Insolvency Practitioner who will prepare you proposal who will ensure that your creditors will be paid on a regular basis.

An IVA ensures that all interest and charges are frozen and your creditors will no longer contact you provided you stick to the terms of the proposal. It will also prevent your creditors from issuing bankruptcy proceedings or asking bailiffs to visit your property.

IVAs have many benefits. Your home would be protected from any action by unsecured creditors; your debt would be repaid in affordable monthly repayments.

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