• Credit was always something I had been in control of, however, I hadn’t anticipated the problems that would occur when, my circumstances changed! The service I received was excellent! The guy I spoke to who handled my case was reassuring, efficient and pleasant.
    L Yorke

INDIVIDUAL VOLUNTARY ARRANGEMENT (IVA)

An Individual Voluntary Arrangement (IVA) is an agreement between you and your creditors where you repay affordable monthly payments towards your debt over a typical term of five years, with the remainder discharged (written off) at the end of the agreed term. An IVA is supervised by licenced Insolvency Practitioner (IP) and is a legally binding contract between you and your creditors. The IVA is an alternative to bankruptcy, preferable in circumstances where you can make payment towards your debt, just at reduced levels. An IVA is only available for UK residents in England, Wales and Northern Ireland.

Case study

To give you an idea of how an IVA might work for you, the fees and timescales, see our below example. We would be happy to provide you with something more specific and tailored to your personal circumstances. Just complete our online enquiry form and we will call you back or call on either 08081 292 010 or 0161 476 9500.

Case Study:

Ms G is a homeowner. She has a total debt level of £11,608 between seven creditors. She could afford to pay only £88 per month towards her debts. Her IVA was approved for £88 per month over 60 months, she is also to attempt to re-mortgage her property in the final year of the IVA.

Here’s how it worked:

Continuing at the current rate she will pay 60 months x £88 = £5280 towards the IVA
£11,608 – £5,280 = £6,328 debt Ms G will be discharged from

Case Study

Mrs R was a tenant and had no assets. She had a total debt level of £24,561 between three creditors. She could afford to pay only £270 per month towards her debts. Her IVA was approved for £270 per month over 60 months.

Here’s how it worked:

60 months x £270 = £16,200 paid towards the IVA
£16,200 – £24,561 = £8,361 debt Mrs R was discharged from