Personal Debt Solutions
Individual Voluntary Arrangements (IVA)
An IVA is a formal agreement between an individual and their creditors. The agreement is bespoke to the individual and can be made up of a variance of factors that are put forward by the individual.
Creditors have to be in agreement to the proposals put forward and vote on the terms of the arrangement accordingly. Should 75% of those creditors voting be in agreement, then the arrangement is implemented accordingly.
The liabilities at the date of the approval of the IVA are ring fenced and those creditors, and the individual are bound by its terms.
An IVA allows the individual to continue with their life avoiding bankruptcy with contributions being paid to the IVA Supervisor in line with the agreed proposals usually via surplus monthly income.
It may also be agreed that the Settlement terms are by means of a one of full and final payment that is made into the arrangement within a certain period of time.
An IVA is flexible and specific to the individual and creditors involved. The Supervisor, who must be a licenced Insolvency Practitioner and agree to act, will ensure that the terms of the IVA are adhered to by all parties until successful completion is achieved.
If you would like to discuss IVA further then please call one of our team on 0113 5323278 or email email@example.com and we will be pleased to assist.