April Welcome 2012

Individual Voluntary Arrangement (IVA)

What is an Individual Voluntary Arrangement? How can this help individuals in financial difficulties?

    • An Individual Voluntary Arrangement is often referred to as an IVA
    • It is a tailored agreement between the debtor and creditors based on what the debtor can afford
    • An affordable monthly contribution is usually payable
    • The matrimonial home is usually retained
    • The IVA will typically be over a three to five year period
    • Dividends repaid to creditors can vary from 25p to 100p in the £
    • An IVA stops all court and bailiff action
    • All interest and charges on debts will cease
    • An IVA is a legally binding agreement. This benefits the creditors too
    • An IVA avoids the social stigma of bankruptcy and embarrassment
    • A company director can enter into an IVA
    • HMR&C debts are included within an IVA
    • An individual can continue to trade in an IVA

If you have any queries about IVAs please do not hesitate to contact tim.corfield@griffinandking.co.uk.

Here is what one of our clients has to say about our expertise:

”We found Tim Corfield and Paul Griffin of Griffin & King extremely supportive, helpful and efficient in guiding us through a difficult and stressful situation. They were very supportive and sympathetic and made this easier.” 
G & LB – 22 March 2012