Individual Voluntary Arrangements
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.