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  Individual Voluntary Arrangement

An Individual Voluntary Arrangement (IVA) enables you to avoid bankruptcy by making a formal agreement with creditors to pay off a percentage of your debts over a fixed period. This usually lasts for a period of 60 months (five years). This can be an extremely good option for those people that would be paying the debt off over a very long time using the informal process of Debt Management. Unfortunately there is a set criteria that has to be applied before you can proceed with the application.

You must have a minimum of £12,000 to £15,000 of debt, the amount varies as peoples situations are very different and so the amount differs from person to person.

   The advantages and disadvantages of an Individual Voluntary Arrangement

   Advantages:

  • All interest and charges on your unsecured debts will be frozen.
  • Providing you keep to the terms of your arrangement, you will be protected from any further court action by your creditors. They will also be prohibited from sending letters or telephoning you.
  • Once the Individual Voluntary Arrangement has been successfully completed, the remaining debt will be written off.
  • If you do not wish to consider bankruptcy or cannot go bankrupt because of your job, this can be an  option.
  • All unsecured creditors will be legally bound by the IVA.
  • Your contributions are based on what you have left over at the end of the month based on your Income and expenditure.
  • Individual Voluntary Arrangements are not published in local newspapers, where as bankruptcy is.
  • It will not affect professions such as the Police Force and Armed Forces, neither will it impact on your ability to hold public office or act as a company director.

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      Disadvantages

  • You will be required to stick to a budget for the term of the arrangement.
  • All assets and liabilities must be declared: if you own assets of excessive value, the creditors can ask that they be released for the benefit of the creditors.
  • You will be asked to release some of the equity from your property towards the last six months of the arrangement.
  • Any windfalls, inheritance or bonuses must be declared to the Supervisor of the arrangement.
  • All Individual Voluntary Arrangements are recorded on a public register and will appear on your credit file.

    •                    Call today on 0800 027 9595 and chat with an advisor


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