Individual Voluntary Arrangement

An IVA or Individual Voluntary Arrangement is an agreement between a debtor and his or her creditors under the Insolvency Act of 1986. Unlike a debt negotiation made on your behalf by a debt manager, an IVA is registered with the Government and processed through the Courts.

Your appointed Insolvency Practitioner will go over your proposal with the Court which decides if a meeting can be arranged with your lenders to continue the IVA process. If it goes through, the IVA will be for a period of three to five years, pending the agreement of at least 75% of your lenders to the terms of the agreement presented. Once the proposal is agreed upon, it is binding under the Insolvency Act and your IP will handle supervision of payments to your lenders.

To locate an IP in your area, contact your local Court or check the IP directory at http://www.insolvency.co.uk/ip/firms.htm