Individual Voluntary Arrangements (IVA) is part of the Insolvency Act 1986 and is often an alternative to bankruptcy. An IVA is an agreement between you and your creditors to repay a debt incurred by yourself over an agreed time frame. The agreement is drafted by a licenced insolvency practitioner instructed on your behalf. This document is then verified by the Court and sent to your creditor.
The IVA is a clever way of dealing with the social stigma that often comes with the term ‘bankruptcy’ and all information is kept private amongst your creditors and not released into the public domain meaning you can still uphold your reputation. The other advantage of an IVA is that your creditor cannot change the original agreement set out in the IVA even if they later change their minds further down the line. In addition, interest is frozen throughout the IVA and up to 75% of your total debt is written off once the agreement is concluded.
Useful Information about IVAs:
- Legally binding agreement with your creditors;
- A monthly payment plan is agreed;
- Up to 75% of your debt is written off;
- Interest is frozen;
- There is no pressure from your creditor during the term of the IVA; and
- You are debt free after the IVA agreement is concluded.
At Bloomsbury Law, we have the best team to solve all your financial problems. We always advise our clients to confront debt matters head on and we have years of experience in dealing with complex debt management cases. Our specialist debt advisors are experts in their field and deal with all clients in a confidential and considerate manner. We always analyse each case carefully and put the client in the best financial situation possible with all the options explored.
We understand an Individual Voluntary Arrangement can be a life changing event, but please note it is of the upmost importance to contact a specialist to receive expert advice. Our insolvency have years of experience dealing in IVAs, so call us with confidence.
What do I do next?
Contact us online or speak to one of our dedicated litigation solicitors on 0207 998 7777. With our vast experience in the field, our team will work with you to ensure this process runs as smooth as possible. All information you provide us with is treated with the utmost confidentiality.
We will contact you no later than the next working day to arrange a meeting at our offices in London W1 to advise on the agreement.