Individual Voluntary Arrangement

An individual voluntary agreement, or IVA, is a useful alternative to bankruptcy for individuals when you're struggling with debt and cash flow.

It’s a recognised legal procedure that allows you to enter into a binding agreement with your creditors, which details how your debts and liabilities are going to be paid off.

For you, that means you can stay in control and continue life as normal. Meanwhile for your creditors, it means they’ll be better off than would be if you declared bankruptcy. So all being well, everyone is satisfied.


How it works

  • When you start the IVA process, the interest on your debts will be frozen
  • We then work with you to put together a proposal for an agreement with your creditors
  • You agree to repay your liabilities either in part or in full, depending on what you can comfortably afford (including the Inland Revenue and VAT), over a period of time.


Remarkable advice: how you benefit

  • The agreement leaves both debtor and creditor better off than bankruptcy
  • Our dedicated team of personal insolvency experts will be at your side to help you prepare your IVA proposal
  • We’ll agree an achievable repayment plan that works with your circumstances – there’s no maximum duration


Did you know?

  • If you’re self-employed and your business is still viable, you can carry on trading throughout the process
  • You can enter into an IVA even if you’re already bankrupt