IVA Advice -Individual Voluntary Agreement

IVA Advice - Individual Voluntary Agreement Advice

An IVA “Individual Voluntary Arrangement” is a legally binding agreement between you and your creditor. It allows an individual in financial difficulty to make a formal proposal to settle their debt within a reasonable and fixed period of time (normally 5 years). Any interest and debt charges will be frozen and creditors will be prohibited from demanding additional payments. An IVA involves making monthly payments based on an affordable disposable income. Once the final payment is made, any outstanding debt is legally written off. As thus the aarrangement can write off up to 95% of your debts (subject to your circumstances).

An IVA is a legal process where on agreement, your creditors accept a reduced offer of repayment in full and final settlement of the debt.

Payments are normally made over a 5 year period, following which the remainder of your debt is negated.

IVAs are an option for both Tenants and Homeowners. If you do own your own home, you may be required to release equity in it – this is normally done via a mortgage or loan secured on it. Why not let us discuss your circumstances – there are NO UPFRONT FEES in discussing your options.

If you think that you might qualify and wish to speak to us, complete and submit the enquiry form.

If you are struggling to meet the repayments of an existing IVA, but own a property with positive equity that could be released to help improve your financial situation, then we can help (please fill the application form).

Reasons for doing an IVA


The attraction for the individual is obvious; 

• Relief from the pressure of constant demands from creditors.
• Certainty about what has to be paid and when.Once the Arrangement is complete, they have no remaining obligations whatsoever in respect of those debts.
• The ability to negotiate a single deal with all unsecured creditors together, to which they are all bound.
• Avoiding more extreme enforcement measures by creditors, including bailiffs or bankruptcy.


The attractions for the creditors are also considerable;

• An end to costly enforcement proceedings.
• Certainty about the final sums that they will receive.
• A larger and quicker return than if the individual should go bankrupt.