Individual Voluntary Arrangement (IVA)

An Individual Voluntary Arrangement (IVA) is a legally binding agreement, arranged by a licensed Insolvency Practitioner, between you and all the people and organisations that you owe money to (your creditors).

You can try to arrange an IVA if your circumstances indicate that there is no real prospect of paying off all your debts. You'll need the assistance of a licensed Insolvency Practitioner, and together you can work out what you can realistically afford to pay back over a period of time - usually 3-5 years. This could be as little as 30% of your total debts, in some cases even less.

If 75% (by value) of your creditors agree with your proposal, all your debts and the future interest on them will be frozen from that point forward. At the end of the agreed period, provided you have kept up with the negotiated monthly IVA payments, whatever has not been repaid gets written off. As long as you are confident you can maintain the regular monthly payment that is agreed an IVA could be the solution for you and you could be debt free in 5 years or less.

At The Money Helper we have at our disposal a debt solutions team with experience, knowledge and solutions which are the envy of the industry who will be able to advise you on the options that are available to you and which one(s) would be best for your individual circumstances. Available debt solutions include Debt Consolidation, Debt Management, Individual Voluntary Arrangement (IVA) and Bankruptcy.