What exactly is an IVA

Individual Voluntary Arrangement:

A legal and formal agreement between you and your creditors that form part of the 1986 Insolvency Act. It is for people that can no longer afford to make their monthly repayments to creditors in full, but can afford to make a reasonable offer.

An IVA proposal sets out in document form how you are going to repay your creditors, usually over a period of 5 years. It has to be prepared and drawn up by a Chartered Accountant who is also an Insolvency Practitioner.

To establish whether or not you qualify for an IVA, you will be asked a number of questions about your current financial position. This will enable our advisor to calculate how much you can realistically afford to pay your creditors each month.

We will also ask you about any other assets you may have as these may need to be included in the IVA. If you can demonstrate that over the 5 year term that you could pay back a reasonable amount of your total debt, an IVA would be considered a suitable option for you.