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Insolvency — Individual Voluntary Arrangements (IVA)

An IVA is a formal legally binding agreement between an individual & a licensed Insolvency Practitioner.

IVA Requirements

Your unsecured debts is in excess of £16,000
You have a minimum of 3 Creditors
Your can afford a minimum of £250 p/m
You are in financial difficulty & need to undertake Insolvency
You are aged 18-75

An Individual Voluntary Arrangement assists an individual unable to pay their creditors by providing a legal framework to repay the debt. An IVA reduces debts by up to 95% (dependant on debt total & circumstances) with the repayment period lasting a maximum of 60 months. The individual must be resident in England, Wales or Northern Ireland. The ‘Trust Deed’ is similar to an IVA, but subject to the Law courts in Scotland, for debt in excess of £10,000 and over a three year period.

Pros and Cons of taking on Insolvency:

— IVA : Against

Equity in your House will need to be released - your Home and assets remain at risk.
You cannot sell your house during the period the IVA runs.
If the IVA fails, you can still be forced to take Bankruptcy.
IVAs are recorded by the DTi and credit reference agencies meaning credit problems are likely in the future (max 6 years after debt repaid)
Not everyone can qualify for an IVA

+ IVA : For

Creditors accept a reduced offer of repayment in full and final settlement of the debt over a specified time period and stop legal action.
Maximum period 5 years (3 in Scotland)
After the agreed period, remainder of debt written off by creditors.
A qualified licensed insolvency practitioner takes over your account and liaises with your creditors and distributes funds on your behalf.
You can remain a company director or a member of the Armed Forces.

› Look up IVA on the Comparison Chart

Complete form top left, or call 0870 112 6234 — speak to trained Debt Counsellors ending Money worries TODAY

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debts secured on it.

Written quotations on request.

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Insolvency (IVA) Enquiry Form

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