Individual Voluntary Arrangement (IVA)

Is an IVA right for me?

• You have unsecured debts of £6,000 or more;
• You are unable to manage your monthly debt repayments without relying on credit;
• You owe money to 2 or more creditors (in some cases this may be only 1 creditor);
• You wish to avoid bankruptcy and protect your home.

An IVA is a private, legal contract between you and your creditors.

An IVA allows you to clear your debt at an amount you can afford, without any reliance on credit. This is usually over a fixed period of 5 years but can vary depending on your circumstances.

Once an IVA is set up and approved, all interest and charges are frozen, threats of legal action stop, and you no longer have the worry of hassle from your creditors.

Each IVA is unique and depends on your individual circumstances. Your monthly payments are determined by things like your monthly income, monthly living expenses, number of debts and your living situation.

For your IVA to be accepted, creditors representing at least 75% in value of the creditors who vote must agree to it.

Once your IVA is approved it is legally binding, your assets are safeguarded, and you are protected from any further court action. This is provided you keep to the terms of your agreement.

An IVA with Arthur Boyd & Company will allow you to look forward to a debt free future.