An Individual Voluntary Arrangement (IVA) is a formal debt solution available in the UK
including NI that can help you regain control
of your finances by reducing your contractual monthly repayments and writing off a significant
amount of your unsecured debt.
You pay one calculated and affordable monthly repayment for an agreed period of time.
This is typically 5 years but can be longer or shorter depending on your circumstances.
For example, a Homeowner with a lot of equity may require a 6 year IVA if they cannot release any
equity, but a pensioner
who is a tenant may only require a 3 year IVA.
During the lifetime of the IVA you will have full legal protection from unsecured creditors and
interest and charges will be frozen.
All creditor contact will be dealt with by our team and we will manage the IVA process for both you
and your creditors.
There are no
upfront fees to be paid and you will not
be billed for our
The costs of the IVA are agreed with your creditors and are simply deducted from your monthly
repayments before we pay
the balance to your unsecured creditors at agreed intervals, normally several times per year funds
At the end of the agreed period any unsecured debt you have not repaid is then legally written off.
In most situations, an IVA will provide a better return to your creditors than any other formal debt
Therefore, the IVA can often be the best option for both you and for creditors.
The IVA Journey...
Step 1 - Initial Contact
We will first assess your situation and discuss all of your debt resolution options.
If you agree to start the IVA process, we will send you a Letter of Engagement and a brief
list of documents that will be required to prepare your file.
Step 2 - Proposal Documentation
Your IVA proposal is prepared using all information available and is then sent to you for
your review and approval.
The proposal will include all necessary terms and conditions of your offer to unsecured
creditors and how the IVA
compares to your other options.
Step 3 - Meeting of Creditors
Once you have signed and returned your IVA proposal, a copy will be sent to all of your
creditors and a virtual
Meeting of Creditors will be held. This is effectively a deadline for your creditors to
accept or reject
your proposed offer. If 75% in value of your creditors voting at the meeting accept your IVA
then ALL creditors will be legally bound by the terms.
Step 4 - Supervision
Once your IVA is approved, you immediately receive full legal protection from your unsecured
creditors included in the IVA.
Your new affordable monthly repayment starts and we will supervise the IVA in accordance
with the agreed terms.
Each year we will review your situation to confirm whether there need to be any changes to
If you struggle for any reason, we can grant payment holidays or even renegotiate the IVA
terms with your creditors.
Step 5 - Completion
At the end of the agreed period your monthly repayments will cease and a final report will
be issued to you and your creditors confirming the IVA has been completed. You will also be
issued with a Certificate of Completion and any unsecured debt you have not repaid is then
legally written off.