An Individual Voluntary Arrangement (IVA) is a legally binding agreement between you and your creditors, offering a structured and manageable way to repay your debts, giving you the opportunity to make affordable contributions over a fixed period.

All IVAs are administered by an Insolvency Practitioner, whose role involves balancing your interests with those of your creditors.


Manageable contributions:
Contributions are mutually agreed between you and your creditors. Usually monthly, over a fixed period. This provides a structured and manageable way to repay your debts.

Interest and Charges are frozen:
Upon approval of the IVA all the interest and charges are frozen so no further debt can accrue.

Legal Protection:
An IVA provides legal protection whereby your creditors can take no further action against you, or contact you to chase for payments. All communication is delt with by your Practitioners team.

Fixed Timeframes:
With an IVA there is a set timeframe for you to become debt free, which will last 5 – 6 years depending on your circumstances.

Business Continuity:
IVAs will not force your business to cease trading or require you to step down from a directorship.

Protection of Assets:
IVAs were designed to protect assets you may have such as your home.

Debt Write off:
Upon successful completion of the IVA the remainder of your debt will be written off, resulting in debt freedom.


Typically you would need an unsecured debt balance of £6,000+, multiple creditors and a reliable income.

Insolvency Register:
You will be placed onto the Individual Insolvency Register (IIR) upon approval of the IVA. This is a public register, and this is done so that there is a transparent record of all individuals that are insolvent. Details can stay on here for up to 3 months after completion or termination.

Credit Score:
The IVA will restrict what you can borrow and this will affect your score for 6 years from the approval date. However, there are many steps you can take to improve and re build your score again.

Excluded creditors:
Not all debts can be included within an IVA such as:

–  Mortgages
–  Hire Purchases
–  Secured loans.
–  Court fines,
–  Rent arrears,
–  Student loans,
–  TV Licence arrears,
–  Child Maintenance arrears.

Maintaining the terms of the IVA:
You must maintain your agreed contributions for the full duration of your arrangement. If not this could lead to you breaching the terms of your IVA, which in turn could result in the IVA failing.

There are on going fees for the day to day running costs of the IVA. However, these are included within the agreed monthly contributions from yourself, and you would never receive contact from us requesting payment.

If you have any questions about the above or would like further guidance our team is here to help.

*Please note, entering into a debt solution can affect your credit rating for at least 72 months, fees may be payable if ongoing services are provided. A follow up call will be required to confirm details outlined in your enquiry, at which point we will be able to discuss which solutions you qualify for.