Individual Voluntary Arrangements

An Individual Voluntary Arrangement ("IVA") is a formal procedure whereby an individual agrees with their creditors to pay part or all of their debts (often on a monthly basis), over a period of time (often over 5 years).

The initial proposal to creditors must be made by a ‘Nominee’, which must be an Insolvency Practitioner. If an agreement is made, it must be monitored regularly by a ‘Supervisor’.

Our team can assist in presenting an IVA proposal to creditors and subsequently act as a Supervisor of the Arrangement.

If an individual makes payments in line with an IVA agreement, the debts covered by the Agreement are cleared at the end of the process.

An IVA is often the chosen route where an individual owns property (e.g. their own house). 

Other options can include Debt Management Plans and Consolidation Loans which our team would always consider before you make any final decisions about the next steps.

For alternative options regarding personal finances, please see our Personal Insolvency page.

Get in touch to find out how we can help you with Individual Voluntary Arrangements.

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