Personal Individual Voluntary Arrangements – (IVA)

What is a Individual Voluntary Arrangement?

An Individual Voluntary Arrangement (IVA) is a legally binding agreement between you and your creditors.  It’s a way to deal with your debts as an alternative solution to bankruptcy.

You make affordable monthly payments to your Supervisor (who oversees your IVA) over a fixed period of time, with the remaining balance of debt being written-off upon completion of your IVA.

All interest and charges are frozen, and payment demands from your creditors cease.

An IVA can give you more control of your assets than bankruptcy.

An IVA may not be suitable in all circumstances. Fees apply. Entering an IVA will affect your credit rating.

For more information and to see if an IVA is right for you, contact us.

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*An IVA may not be suitable in all circumstances. Fees apply. Your credit rating may be affected

More Information

This tailored plan replaces all your current monthly payments (to unsecured creditors’) with one affordable monthly payment into your IVA, which will be divided between your creditors. The exact amount of your monthly payment will depend on your financial circumstances (eg. assets, debts and income) but can start from as low as £150.  Typically, an IVA will last for 5 to 6 years.

The fees and expenses of the IVA are not charged separately as they are included within your affordable monthly payment, and are also agreed with your creditors at the start.

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

2. Any calls from creditors’ can be referred to us.

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

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

5. 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.

6. In practice, creditors are unlikely to request a physical meeting as the voting can be done by correspondence.

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

8. It may be possible to continue your business if this is a viable business, depending on your individual circumstances.

9. Depending on the equity in your property it may be possible to protect your home as this part of the agreement.

10. At the end of the Personal Individual Voluntary Arrangement term any unpaid debt is written off as part of the agreement and you have a debt-free fresh start.

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

An IVA may not be suitable in all circumstances. Fees apply. Entering an IVA will affect your credit rating.

If you have unsecured debts of at least £15,000, have a regular household income, and live in England, Wales, or Northern Ireland, an IVA may be the option for you.

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

  • Freeze all interest and charges
  • Write off unaffordable debt
  • One monthly payment you can afford
  • Stop creditors contacting you

Debts usually included in an IVA:

  • Catalogues
  • Personal Loans
  • Council Tax arrears
  • Overdrafts
  • Credit Card Bills
  • Gas & Electric arrears
  • County Court Judgements
  • Water Bill arrears
  • Payday Loans
  • Store cards
  • Income Tax & National Insurance arrears
  • Tax Credit or benefit overpayments (unless obtained by fraud)
  • Any other bills


Debts usually not included in an IVA:

  • Mortgages & secured loans
  • Hire purchase agreements
  • Court Fines
  • TV Licence arrears
  • Student Loans
  • Social fund loans
  • Child support arrears
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