by Craig Shepherd
An Individual Voluntary Arrangement is available to individuals, sole traders and partnerships.  It allows you to pay an affordable monthly payment towards  your existing debts over an agreed period.


What is an IVA?

An IVA usually lasts for five years and over this period you will be expected to contribute an agreed monthly payment.  Your Insolvency Practitioner will decide your payments based on information provided by you.

Your insolvency practitioner will prepare legally binding documents including a proposal and call a meeting of creditors to allow your creditors to decide if they will accept your proposal.  Once approved, an IVA ensures that all interest and charges are frozen and your creditors will no longer contact you provided you make your payments and stick to the terms of the proposal.  It will also prevent your creditors from issuing bankruptcy proceedings or asking bailiffs to visit your property.

Call Abbey Taylor now and speak to one of our advisors for further information