Advice for Individual Voluntary Arrangement

An Individual Voluntary Arrangement is a legally binding agreement between you and your creditors. The arrangement will normally last 5 years and during this period, you will pay what you can afford outside reasonable living costs. An IVA has to be set up by a licensed insolvency practitioner (IP).

All interest and charges will remain frozen. Creditors will not be allowed to demand additional payments. Monthly payments will be based on your monthly income. If you want to get more information about the Individual Voluntary Agreement then you can visit

The monthly payment will be calculated prior to any agreement taking place. It can change over the five years depending on your income or expenditure. You can get rid of more than 70% of your unpaid debt through the arrangement. The IVA is legally binding. 

Always seek professional advice from an Individual Voluntary Advice Consultant. After you have decided that an IVA is right for you, an assessment of your financial situation will be done. 

A repayment amount will be calculated based on the correct and complete information that you have provided. The practitioner will convene a creditors meeting where creditors will vote for or against the arrangement. After the IVA has been accepted by creditors, the practitioner will make sure that all terms and conditions are adhered to. He will also keep an eye on the progress of the IVA.

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