Individual Voluntary Arrangements – Business

An IVA is a legal, binding agreement between you and your creditors'

It replaces all your current payments (to unsecured creditors’) with one affordable payment, usually paid over a five year period.

The IVA normally stays on your credit history for one year after your IVA ends.

Your property should be protected as part of the agreement.

At the end of the IVA term any unpaid debt is written off as part of the agreement and you have a fresh start.

Any calls from creditors’ can be referred to us.

Once your proposals have been finalised a meeting of creditors’ will be called.

We would liaise directly with your creditors’ and make distributions to creditors’ directly.

At that meeting it will be necessary for in excess of 75% of the voting creditors’ to approve the proposals for them to be accepted.

We will work together with you to draft your proposals to creditors’.

IVA’s are most suited to individuals whose total unsecured debt is at least £15,000.

An IVA can only be done through a Licensed Insolvency Practitioner.

The amount paid to creditors’ is split proportionally, depending upon the amounts due to each of the creditors’.

In practice, creditors’ are unlikely to attend the meeting and the voting is done by correspondence.

It replaces all your current payments (to unsecured creditors’) with one affordable payment, usually paid over a five year period.

We would liaise directly with your creditors’ and make distributions to creditors’ directly.

Any calls from creditors’ can be referred to us.

The amount paid to creditors’ is split proportionally, depending upon the amounts due to each of the creditors’.

At the end of the IVA term any unpaid debt is written off as part of the agreement and you have a fresh start.

An IVA can only be done through a Licensed Insolvency Practitioner.

Your property should be protected as part of the agreement.

IVA’s are most suited to individuals whose total unsecured debt is at least £15,000.

The IVA normally stays on your credit history for one year after your IVA ends.

We will work together with you to draft your proposals to creditors’.

Once your proposals have been finalised a meeting of creditors’ will be called.

At that meeting it will be necessary for in excess of 75% of the voting creditors’ to approve the proposals for them to be accepted.

In practice, creditors’ are unlikely to attend the meeting and the voting is done by correspondence.

What is an Individual Voluntary Arrangement?

HOW CAN IT HELP YOU?

Individual voluntary arrangements, or IVAs, are an alternative solution to bankruptcy. It may be possible to continue your business, depending upon your individual circumstances. We would look at this carefully with you.

An IVA is a tailored plan to suit your individual financial circumstances and pay to creditors only what you can afford. An IVA replaces all your current payments with one affordable monthly payment which is usually paid over a period of five years. If you can afford to pay a lump sum, no monthly payments are necessary. It’s all about tailoring a plan to your individual circumstances. If you are a homeowner, it’s usually possible for you to keep your family home.

Once an IVA is completed, any remaining debt is written off and you become completely debt-free. Monthly repayments can start from as low as 150 pounds, which is usually much less than existing minimum payments on credit cards and loans. If you have unsecured debts of at least 15,000 pounds, have regular household income, and live in England, Wales, or Northern Ireland, an IVA may be the option for you.