Individual Voluntary Arrangements – The Process Simplified
An Individual Voluntary Arrangement (IVA) is an insolvency process which is a formal and legally-binding agreement between an individual and his/her creditors to pay back their debts over a stipulated period of time. Individual Voluntary Arrangements have to be set up by an insolvency practitioner, such as Antony Batty & Company. Our teams at our offices in London, Brentwood, Salisbury and the Cotswolds are highly experienced in supervising IVAs.
Each IVA is different, but the basic steps are the same, as this infographic demonstrates.
Meeting an Insolvency Practitioner to discuss an Individual Voluntary Arrangement
At Antony Batty, the first initial meeting to discuss your situation is free. It can be over the ‘phone or at one of our offices, at a time that suits you. We’ll listen to your situation and then talk you through the IVA process, step by step, and will also discuss the costs that are involved. The main purpose of this meeting is to check that an Individual Voluntary Arrangement is right for you – there might be other options – and that you feel comfortable working with our team.
Is an IVA Right for You?
An IVA might be be right for you if you:
- Have at least two separate debts
- Have debts that total more than £10,000
- Have at least two different creditors that you owe money too
- Prefer not to deal with your creditors directly
- Have sufficient money available each month to make payments to your creditors on the terms of the IVA
Key Benefits of Individual Voluntary Arrangements
The main benefits of an IVA are:
- An IVA is legally binding. All creditors must stick to the terms of the agreement. They cannot chase you for payments outside of the agreement once the IVA is in force.
- An IVA is time limited -typically for a period of 5 years, so you only have to repay for that period
- Your creditors will usually accept that only an agreed percentage part of your debts will be repaid. This means that the rest is written off.
If you are struggling with debt and feel that an Individual Voluntary Arrangement might be right for you, pleasse contact us or call us on any of the numbers below and arrange a time for a free initial discussion. The sooner you get in touch the quicker we can help.
Also K&W Recovery, trading as Antony Batty and Company, Thames Valley:
Comments are closed.