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An Individual Voluntary Arrangement – I.V.A is a formal agreement between you and the creditors to whom you owe money. Payments are based strictly upon what you can afford to make each month. A calculation looking at all of your necessary bills and payments is looked at in order to establish your disposable income (D.I) this can often will involve creditors writing off large proportions of the over-all debt . Usually after 60 months your debt is deemed as settled. Due to the legal nature of the arrangement, an Individual Voluntary Arrangement – I.V.A must set up by a licensed Insolvency Practitioner (IP).


If you decide with your advisor that an I.V.A is the best way to resolve your debts, We will organise a meeting in person or over the phone to examine your financial situation. We will calculate and firmly agree with you what is reasonable for you to pay toward the debts and then we will approach your creditors with an offer on your behalf, we will also seek an interim order from the courts preventing all creditors from taking any legal action against you.
After your I.V.A is approved you will need to make the one affordable monthly payment (your D.I) via your Insolvency Practitioner, your creditors will therefore no longer contact you directly.


 Before applying for an IVA
 You must have at least 2 credit agreements with combined debts of £10,000 or more
 You must have a disposable income of £100 per month before the payment of your unsecured debts
 You must have a regular income

Individual Voluntary Arrangements-I.V.A are subject to eligibility and acceptance. Debt written off applies to unsecured debts and only on completion of the IVA, Nominee's and Supervisor's fees are payable. Your ability to obtain credit will be affected for 6 years. Homeowners might be required to release equity from their property – however all of the possible impacts on property and assets will be discussed prior to entering any arrangement with your creditors.


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