Individual Voluntary Arrangement - IVA
Due to its formal nature, an IVA has to be set up by a licensed insolvency practitioner. At back2credit we send all our potential IVA cases and details to a professional external insolvency practitioner, who will work with you to help you regain control of your finances.
An Individual Voluntary Arrangement (IVA) has the advantage of giving you a level of protection against impatient creditors.
Some useful facts about IVA’s -
- A bankruptcy order can be cancelled if a voluntary arrangement has been approved by yourself or the company representing you.
- Individual voluntary arrangements remain on a public register for anything up to 2 years after the date of completion or termination of the IVA.
- If the individual voluntary arrangement fails then the creditors can apply for the bankruptcy of the individual.
- Arranging an IVA can be a simple process if it is done with the right type of company and will leave you able to move forwards without the burden of your debt on your shoulders knowing what will come next.
IVA Advantages
Protection from Creditors
All unsecured creditors listed as part of an IVA are bound to agree with it under UK law. Once agreed you are protected from any further action by your creditors.
Your Business
If you are self employed your business is not legally affected by an IVA as it will usually be with a bankruptcy agreement.
Your Home
Under a bankruptcy agreement your home is often an asset that can be sold to settle your debts. Under an IVA you are not necessarily forced to sell and the IVA supervisor can protect your property from action by creditors.
Call us FREE Today 0800 092 0455 to get professional and confidential debt advice. Let us offer you the best debt solutions available for your personal situation.
