Individual Voluntary Arrangements (IVAs)

An IVA, or Individual Voluntary Arrangement, is a legal alternative to bankruptcy for those experiencing personal insolvency. It is a legally binding agreement made between you and your creditors and involves you renegotiating your debt repayments according to what you can realistically afford. When your application is complete and successful, you’re left with one single payment to make each month for an agreed period of time. 

Am I Eligible for an IVA?

There are certain eligibility criteria you must meet in order to enter into an IVA. These include:

  • You must be a resident of England, Northern Ireland or Wales.
  • Your debts must exceed £6,120
  • You must have a regular income and therefore be able to make a regular repayment.
  • Or assets that can be used to repay your creditors.

If you don’t meet these criteria, we may still be able to assist you with an alternative debt solution

Who can propose an IVA?

An IVA may be proposed by Individuals resident in England and Wales. An IVA  can only be proposed if an  individual is insolvent.

 

How Long Does an IVA Last?

Usually, an IVA lasts for 60 months (5 years) depending on your circumstances. At the end of this period of time, your debts are considered to be settled in full. This may be different if you are a home owner.

 

Advice you can trust

For peace of mind, why not ask our advice?
Request a free, no obligation, confidential consultation with one of our insolvency specialists today.

Who can propose an IVA?

An IVA may be proposed by Individuals resident in England and Wales. An IVA  can only be proposed if an  individual is insolvent.

 

How Long Does an IVA Last?

Usually, an IVA lasts for 60 months (5 years) depending on your circumstances. At the end of this period of time, your debts are considered to be settled in full. This may be different if you are a home owner.

 

Advice you can trust

For peace of mind, why not ask our advice?
Request a free, no obligation, confidential consultation with one of our insolvency specialists today.