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