Individual Voluntary Arrangement

What is an IVA?

A private legal agreement between you and your creditors, it is a realistic alternative introduced by
the government in the 1980's.

It allows an individual to repay a realistic amount to their debts over a set period and protect their home.

When should you use an IVA?
If you are unable to pay your debts as and when they fall due and your total debts are in excess of £15,000

How long does it last?

No fixed period, usually between 3 months to 5 years.

Unlike some Debt Management Plans which can last for over 20 years

Who instigates it?

You, the debtor, speak to us on 02890 28858 and we will put you in touch with a specialist advisor

What are the advantages?

·         Stops further interest and charges.

·         Repayments are for a fixed period of time.

·         When approved all creditors have to accept.

·         Supervised by regulated professionals.

·         No further harassment from creditors.

·         Confidential and not advertised in local newspaper.

·         Satisfaction of doing your best to deal with your debts.

·         Less likely to loose your assets and employment.

·         Grant Thornton do not charge up front fees.

·         Creditors receive more than they would in bankruptcy

What are the disadvantages?

Currently only suitable if debts add up to more than £15,000.