If you are an individual struggling to repay a substantial amount of personal debt, you may be able to relieve some of the pressure by entering into an Individual Voluntary Arrangement (IVA). This is a legally binding agreement between a debtor and their creditors, typically lasting 3 to 5 years, in which the debtor will pay back only what they can realistically afford each month, taking into account their income, living costs and essential expenses, and in return their creditors agree to freeze the interest on the debts and write off any amount still outstanding after the Arrangement has concluded.

We are licensed Insolvency Practitioners and are able to accept appointments as Nominee and Supervisor of IVAs. You can enter into an IVA even if you have been made bankrupt and if you are a sole trader and your business is viable you may be able to continue to trade.


Get in Touch

If you would like to discuss whether you would be eligible for an Individual Voluntary Arrangement, or any other debt restructuring options, call Simmonds & Company today on 0161 476 5445 or leave a message on our contact page to arrange a free, confidential, no obligation appointment.