Individual Voluntary Arrangements (IVA)
An Individual Voluntary Arrangement (IVA) is a debt solution involving a legally binding agreement with your creditors to pay all or part of your debts over time.
This option gives you more control of your assets than bankruptcy and, as it is approved by the Court, creditors are required to stick to the agreement.
You can only get an IVA with the help of a qualified insolvency practitioner (a lawyer or accountant) who you then make direct payments to. They then distribute the payments between your creditors.
By choosing an IVA, you can work out a repayment plan with the insolvency practitioner based on what you can reasonably afford – this also needs to be agreed by creditors.
Repayments can vary, whether that’s monthly payments, a lump sum, or a combination of the two. If you haven’t paid back your debts in full by the end of your IVA agreement, you’re not required to pay the remaining amount.
Our preferred partner network of recovery and insolvency specialists are on hand to offer trusted advice on whether an IVA is the best solution for you. Our partners can guide you through the setup process, review your finances and put forward the IVA proposal to your creditors.
If you’re interested in finding out further information, please get in touch with our team.

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