Applying for an Individual Voluntary Arrangement (IVA) is quick and easy, simply call our debt free helpline on: 0800 692 2000 and speak to one of our experience debt advisors or complete our DEBT TEST to request more information.

No, IVAs do not appear in the local or National press. However, they are recorded and help on an IVA register at the Department of Trade and Industry (DTI).

One of your main monthly Priorities should be to pay your Individual Voluntary Arrangement (IVA) commitment as your creditors may take legal action against you if you don't. If your circumstances change and you face brief financial difficulties, it's possible to arrange a break from paying, you need to discuss this with your Insolvency Practitioner (IP) These missed payments can be added to your Individual Voluntary Arrangement (IVA) and it will lengthen the term by as many months you miss payments.

It normally takes around 6 to 8 weeks to set up an Individual Voluntary arrangement ( IVA), but this process can slow down, if you do not produce all the relevant documentation that the Insolvency practitioner –IP requires within a set period of time (Normally the first 7/10 days)

Your will need:
Mortgage / Rent Statements
Wage Slips –3 Months
Bank Statements –3 Months
Creditor Details –Most Recent
Photo I.D –Passport or Driving License
H.P Agreements –Car, Caravans etc
Vehicle Log Book
This information needs to be collected and returned with any IVA documentation, you have been asked to read and sign.

Yes, Individual Voluntary Arrangements (IVAS) can be settled early by paying a large cash sum, that will pay back the balance of debt, your Insolvency Practitioner –IP will discuss this with you.

Yes, BUT if you miss any monthly payments or stop making your monthly payment and you don’t inform your insolvency practitioner your creditors may take other action to recover the debt, such as bankruptcy.

Yes. It's possible to cancel a bankruptcy and select an IVA by completing a 'Fast Track Individual Voluntary Arrangement' (FTVA) form. By doing this, your agreed payment must pay your creditors more than they would receive under a bankruptcy. If your creditors agree to your proposal, the Official Receiver will run the FTVA for you. As there are fewer set-up fees and costs, an FTVA is also cheaper than a typical IVA.

Your Insolvency Practitioner - IP can apply to the county court for an 'Interim Order'. This stops your creditors starting bankruptcy proceedings against you. It also prevents other enforcement action without the court's permission. Better still, your insolvency practitioner can take care of this in around one week.

What if one creditor refuses to accept my Individual Voluntary Arrangement (IVA)?

Not all of your creditors have to vote yes for an Individual Voluntary Arrangement –IVA to be accepted. If 75% of the debt vote yes then your IVA has been accepted.

No, because an IVA is a legally binding agreement between both you and your creditors you both must abide by the rules and regulations of the IVA.

If your creditors do not accept an Individual Voluntary Arrangement (IVA) then the only other options are a Debt Management Plan or Bankruptcy, However, creditors may not see a substantial return if you go bankrupt, so an Individual Voluntary arrangement (IVA) would be more realistic.

You need at least 3 separate creditors to apply for an Individual Voluntary Arrangement (IVA).

If you come into enough money to clear your Individual Voluntary Arrangement (IVA) then the agreement can be ended at any time, but there must be enough to clear you outstanding debt.

Yes, But mortgage lenders will complete a full credit search to look at your financial history and an IVA may affect your mortgage application.

No, because an Individual Voluntary Arrangement (IVA) is a legally binding contract that requires a 'nominee' to handle your repayment proposal, and a 'supervisor' to take care of your IVA from there. Your insolvency practitioner will usually perform both roles.

You will only have to change your Bank Account if you have a debt with your bank, all debts must be included on an Individual Voluntary Arrangement (IVA). If you don’t have a debt with your bank then you can bank with them as normal, our experience debt advisor will talk you over some other bank accounts.

Our Insolvency Practitioner will discuss your household income and expenditure. At this point no unsecured debts have been factored in. By deducting your expenditure from your income you are left with residual or disposable income which is the funds from which you pay contributions to your unsecured debts.

In the example detailed below we would expect you to make a contribution to your IVA of £200 to repay your unsecured creditors.

Monthly Income	Monthly Expenditure
Your Wage	£1,200
Partners Wage	£600
Mortgage / Rent	£700
Council Tax	£100
Other income (benefits, maintenance)	£100
Water / Gas / Oil / Electricity / Phone / Mobile	£100
Food/Household/Clothing	£400
Car Expenses / Finance	£150
TV License/Rental/Sky	£30
Public Transport	£20
Total Household Income	£1800
Public Household expenditure	£1600
Monthly disposable income	£200