Individual Voluntary Arrangement (or IVA). A legal process for UK residents (excluding Scotland - see trust deeds)with a significant debt problem (normally over £25,000). On agreement your creditors accept a reduced offer of repayment in full and final settlement of the debt.

Payments are normally made over a 5 year period, following which the remainder of your debt is written off. All interest and charges on your account are frozen. Your account is administered by a fully qualified, licensed insolvency practitioner, who takes responsibility for liasing with your creditors and distributing funds on your behalf. If you own your own home you maybe required to release any equity in your home. This is normally by way of a mortgage or loan secured on it. We can perform a confidential review of your circumstances to see whether you are eligible. For further information on an IVA or other insolvency services please do not hesitate in contacting us. Individual Voluntary Arrangement (IVA) definition: An IVA is a formal legally binding agreement between an individual who is unable to pay their creditors and a licensed Insolvency Practitioner. The Insolvency Practitioner will put together a form of proposals to the Creditors for approval and administer the IVA. The individual must be resident in England, Wales or Northern Ireland.