Home

What is an IVA?

Home ยป Debt Solutions
  » What is an IVA?

Content Image

An IVA is a formal arrangement to pay an agreed amount of your debts off over a fixed term, and write the rest off. In some cases bankruptcy can only be the best advice, but a different debt solution may be better, like an Individual Voluntary Arrangement (IVA) which was introduced as an alternative to bankruptcy by The Insolvency Act 1986.

IVA facts:

  • An IVA is highly regulated by an Act of Parliament and is less likely to be open to abuse by those who offer this service.
  • Only an Licensed Insolvency Practitioner, belonging to a recognised professional body, can act as your Supervisor.
  • A named Licensed Insolvency Practitioner acts as Supervisor throughout the term of the approved IVA
  • After the preparation of the proposal an Interim Order of the Court provides creditor protection from debt enforcement and bankruptcy.
  • When the proposals are approved interest on debts cease from that date.
  • No legal action can be taken against you (IVA supersedes any previous action taken against you).
  • If you want to consider alternative debt solutions to bankruptcy, you should contact a trusted debt advisor and find a debt solution for you.

    • Clearly the IVA, if appropriate to your circumstances, due to its very nature and highly regulated regime, is the best way forward.

Debt Help Today

IVA News - Keep up to date with IVA News

What is an IVA? - A debt solution that could help you.

IVA FAQs - Get the all the answers to Frequently asked questions on IVAs

Debt Resources - Where to go for more IVA information and Advice.