IVA UK -Individual Voluntary Agreement

IVA UK - Individual Voluntary Agreement Advice

What Is An IVA

The Individual Voluntary Arrangement (better known as an IVA) was introduced as an alternative to bankruptcy by the Insolvency Act of 1986.

The idea behind the introduction of the IVA was to enable people facing financial difficulties to come to a formal agreement with their creditors rather than having to face bankruptcy. If an IVA is agreed between the debtor and creditor:

• Interest on the loan is frozen
• Legal proceedings are stopped
• The overall debt is reduced

Unlike debt management which is unregulated, an IVA is a legally binding agreement which is supervised by a Licensed Insolvency Practitioner.

An IVA is generally seen as a more favorable option than bankruptcy from both the debtor's and creditor's perspective. This is because there are no fees or legal proceedings involved with an IVA, unlike with bankruptcy. Furthermore, from the creditor's point of view, an IVA offers a greater repayment of the debt than would otherwise be achieved if the debtor were made bankrupt.

If you would like IVA advice or simply to discuss the IVA process in greater detail, please fill the Application form.

IVAs are an option for both Tenants and Homeowners. If you do own your own home, you may be required to release equity in it – this is normally done via a mortgage or loan secured on it. Why not let us discuss your circumstances – there are NO UPFRONT FEES in discussing your options.

If you think that you might qualify and wish to speak to us, complete and submit the Application form.

If you are struggling to meet the repayments of an existing IVA, but own a property with positive equity that could be released to help improve your financial situation, then we can help (please fill the application form).

Reasons for doing an IVA


The attraction for the individual is obvious; 

• Relief from the pressure of constant demands from creditors.
• Certainty about what has to be paid and when.Once the Arrangement is complete, they have no remaining obligations whatsoever in respect of those debts.
• The ability to negotiate a single deal with all unsecured creditors together, to which they are all bound.
• Avoiding more extreme enforcement measures by creditors, including bailiffs or bankruptcy.

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