IVA – Individual Voluntary Arrangement

An Individual Voluntary Arrangement (IVA) is a formal agreement between a person and their creditors. If a person can not make their repayments in full but are able to pay something each month then an IVA proposal can be established. The proposal sets out exactly what the person will pay their creditors each month. This is normally over a period of five years.

Clients of IVAuk benefit from the services of selected leading Insolvency Practitioners who draft the proposals on their behalf. What the IP will do is examine the clients personal finances and calculate how much they can realistically be prepared to pay each month.. The period over which the IVA proposal covers can be reduced if a lump sum can be raised through the sale of property or other assets.

Once the initial draft has been completed an Interim Order can be applied for. Whilst the Interim Order is in place the client’s creditors can not take action against them without first approaching the court. A creditor’s meeting will then be scheduled where creditors will be asked to vote on whether they agree with the terms of the proposal. If creditors representing 75% of the debts agree the document will become legally binding for all of the creditors. .Once the client has made all the payments set out in the IVA over the five year period it is deemed that all liabilities have been settled.

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