Individual Voluntary Arrangement – IVA

An Individual Voluntary Arrangement, or IVA, is a means by which an individual can negotiate a fair, legally binding, deal with his or her creditors for repayment of debts which may otherwise be impossible.

With the help of a Licensed Insolvency Practitioner such as Steve Ford of S P Ford & Co, your creditors, may be willing to accept a Proposal which potentially writes off a significant amount of your debt, providing it meets the following criteria:

  • Offers a better return to creditors than Bankruptcy
  • Provides a certain minimum return (varies depending on lenders but typically 25p in the £)
  • Represents the best offer that you can propose given your circumstances
  • Offer is over 5 years or until debt is repaid in full, whichever comes first

The main advantages of an IVA are as follows:

  • Creditors are usually willing to write off some of their debt
  • Interest is suspended once the agreement is in place
  • Agreement is legally binding so creditors cannot move the goal posts
  • At the end of the successful IVA you will be debt free

Entering into an IVA is a serious commitment and should not be entered into lightly.

If you would like to find out more please contact Steve Ford on 07718 133927 or via this enquiry form  for a free, no commitment conversation.

We are based in Leicestershire, in the Midlands, but are also happy to travel further afield if we think we will be able to be of assistance.