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- What is an Individual voluntary arrangement
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BANKRUPTCY
Bankruptcy. If you are thinking about filing for bankruptcy, an individual voluntary arrangement could be a better option. Before making yourself bankrupt, ask us if an IVA would be more beneficial.
So what is an individual voluntary arrangement
An IVA could write off a substantial proportion of your debts.
If your debts are more than £15,000 an IVA could be the answer to your debt problems. If your debts are less than £15,000 there may be other debt solutions.
So what is an individual voluntary arrangement
An IVA could write off a substantial proportion of your debts.
If your debts are more than £15,000 an IVA could be the answer to your debt problems. If your debts are less than £15,000 there may be other debt solutions.
- To see if you qualify for an Individual Voluntary Arrangement please fill in our online form.
- One of our team of insolvency practitioners will contact you in confidence to discuss your application.
- If your financial circumstances fit our criteria you will be accepted onto our Individual Voluntary Arrangement programme and referred to one our insolvency specialists.
- The insolvency practitioner will contact your creditors advising them that they are legally now your financial representative.
- An Individual Voluntary Arrangement proposal will be drafted, based on your ability to pay your debts. This is a formal agreement that stipulates the terms of your Individual Voluntary Arrangement .
- Then, to protect you from your creditors, an interim order, which is your legal protection will be granted. This is a legal process giving you full protection from all your creditors.
- Once the interim order is granted, your creditors are unable take any legal action against you to recover their losses. Having this interim order protects you from any of your creditors issuing or continuing any bankruptcy proceedings.
- Your insolvency practitioner then prepares a nominees report, which is a legal statement that lays out in their professional opinion that your IVA is a genuine offer of account.
- A meeting of your creditors is usually held soon afterwards. This creditors meeting consists of all the creditors to discuss your Individual Voluntary Arrangement. Creditors rarely attend these meetings as all voting usually takes place beforehand.
- Once your IVA is approved and accepted, you are legally bound to maintain your monthly Individual Voluntary Arrangement payments.
- Once your IVA is accepted, none of your creditors can contact you or harass you again.
- Your agreed monthly payments should be easily affordable as it is based on your disposable income.
