Untitled Document

Individual Voluntary Arrangement (I.V.A.)

We offer a personal and professional service for Individuals who want advice on I.V.A.s.

Unlike other companies, we will only put you forward for an I.V.A. if you have a very good chance of being accepted. Other companies charge upfront fees for their service, we don't!

In an I.V.A., payments are made over a 60 month period, but in some circumstances, this can be extended Up to 70% of debt could be written off. Your payment is worked out on income minus everyday expenses. The amount left over is what you CAN afford to pay, NOT what creditors are asking for as a monthly payment.

When in the I.V.A. you will have protection against your creditors charging further interest and taking court action. The creditors are NOT allowed to contact you BY LAW after the agreement has been set up. The only person who can contact you is the Insolvency Practitioner.

You make one payment per month. This is a private agreement. Your name does NOT go in the local paper. You do NOT lose your home. You do NOT pay interest. You MUST however make sure regular payments are made for 60 months. Only apply for I.V.A. if you have debts of £14,000 or more otherwise consider Debt Management as an alternative debt solution.

I.V.A.s can end early with the introduction of a lump sum payment. Creditors tend to support early settlements as they prefer to receive their money early rather than waiting for payments over a five year period. Call us for more information.

Advantages of an I.V.A. (Individual Voluntary Arrangement)

  • One affordable payment per month
  • Creditors are bound by law. The I.V.A will overturn any CCJs
  • From the date of approval, all interest and charges are frozen
  • This is a private agreement between you and your creditors
  • Your employer will NOT be made aware
  • You can still re-mortgage your home when in an I.V.A.
  • You and your partner can enter a joint I.V.A. if some debts are in joint names
  • We offer a home visit after giving advice over the phone
  • No Fees to pay. Insolvency Fees are payable by your creditors
  • We have the experience and systems in place to make the process as painless as possible for you
  • We are not a call centre. You will have one point of contact "pre" and "post" the I.V.A.
  • Enables a Sole Trader or Partner to continue to trade and generate income towards repayment to creditors which would otherwise have a call upon the personal assets of the individual.
  • If, for whatever reason, your I.V.A. is not accepted, there will be NO CHARGE at all. We only take you on if you have a very good chance of being accepted.

Disadvantages of an I.V.A. (Individual Voluntary Arrangement)

  • Your credit rating will be adversely affected by an IVA
  • All assets must be declared (that includes savings and any equity in properties at home and abroad
  • You cannot reduce the payment or increase the payment. You must stick to the plan to the end

Will an I.V.A. affect my credit rating?

Your credit rating will be affected for six years from commencement of the I.V.A.. You would find it hard to obtain further credit. The I.V.A. however will not stop you from obtaining a mortgage. Credit reference agencies hold a copy of your credit report. Once the I.V.A. is complete we will provide a report proving the I.V.A. has ended. You can then send this to Equifax and Experian who will then put a satisfied mark on your credit file.

Can I have a bank account when in an I.V.A.?

You can open a bank account without an overdraft facility. If you have a loan or credit card with a bank and you also bank with them, we advise you to change banks. This reduces the risk of the bank taking your income after you are paid (if behind on a loan or in the overdraft).

Can I do an I.V.A. with my partner?

A joint I.V.A. can be done for both partners, married or common law.

  • If you have debts of £25,000 - you could pay as little as £275 per month* (£16,500 back)
  • If you have debts of £40,000 - you could pay as little as £320 per month* (£19,200 back)
  • If you have debts of £80,000 - you could pay as little as £540 per month* (£32,400 back)

The I.V.A.'s above are for example only. Please call us for further details of your own situation.

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"I had debts of £30,000 and was paying £650 a month. I thought of Bankruptcy but found a better solution in I.V.A.. I now pay £310 a month and will be debt free in November 2014. I can now SLEEP AT NIGHT."
− Mr D. from Leeds