IVA and Bankruptcy Advice and Help for the Personal User

What is an Individual Voluntary Arrangement (IVA)?
'Individual Voluntary Arrangements' were introduced in 1986 as part of government legislation as a better alternative to bankruptcy. They provided people with a way to deal with their debts without extreme long term consequences. The Arrangement is a legally binding agreement between you and your creditors. The Arrangement usually lasts for a period of up to five years, after which you will be clear of the debts included in your Arrangement.

What does the IVA entail?
Essentially, the arrangement offers a chance for you to contribute one affordable monthly payment towards your debt. This continues for the length of the IVA, after which any outstanding debt is 'written off'. The amount written off depends on your individual circumstances and can be a very substantial part of the debt. This should eliminate creditor contact. Any assets, such as your home and car may be protected under the IVA.

How can the IVA be set up?
The IVA process can begin through either one quick and confidential phone call or the online application. All we need are a few details about your situation and the unsecured debts you have. You will not be committed to anything after the initial phone call so you have time to evaluate your options.