Individual Voluntary Arrangement

An Individual Voluntary Arrangement (IVA) is a legally binding agreement between you and your creditors (the people or organisations to whom the individual owes money), typically based on the individual agreeing to repay a portion of their debts over a set period of time. IVAs are available in England & Wales.

If you are struggling to make your monthly repayments and are worried about falling behind or defaulting on your debt, an IVA could be the right solution for you.

Our team of qualified insolvency practitioners can help you to assess your financial situation and put together a proposal for an IVA that is tailored to your individual circumstances. We will then work with your creditors to try to reach an agreement that is acceptable to both parties.

Why choose an Individual Voluntary Arrangement?

There are several reasons why an individual might choose to use an Individual Voluntary Arrangement (IVA) when facing financial difficulties.

IVAs are very flexible. They can involve either selling assets to make payments to creditors, or making regular contributions from income (or both). As part of an IVA, interest charges are frozen, and creditors are prevented from taking action to retrieve what they’re owed outside of the IVA process.

An IVA can help avoid bankruptcy by restructuring a person’s debt and negotiating more favourable repayment terms with their creditors. Unlike bankruptcy, an individual will retain control of their assets in an IVA. People in an IVA are not subject to the same restrictions as people in bankruptcy either. For example, people in an IVA can continue to act as a company director, for example.

All IVAs are overseen by a licensed insolvency practitioner acting as a ‘supervisor’.

Springfields can help with your IVA

Our team of experienced insolvency experts can support you by negotiating with creditors on your behalf, developing a repayment plan, and overseeing the implementation of the plan.

We would be happy to discuss your specific needs with you and provide you with a free consultation.

Are you in need of expert advice on restructuring?

We invite you to contact us for a free exploratory discussion. Call us