INDIVIDUAL VOLUNTARY ARRANGEMENT – The way that it works


An Individual Voluntary Arrangement (IVA) is a lawfully Binding arrangement which you come to along with creditors at which you agree to pay back a quantity over a defined period. Both the amount you pay and the period will differ based upon your circumstance. In nearly all cases an IVA lasts for five years, and once the IVA was completed successfully then, you’ll probably be completely debt free no matter how much is still outstanding on the original obligations.

IVAs could be broadly divided into three classes as follows:-

Consumer IVA’s

Business IVA’s

Full and final compensation IVA’s

Consumer IVA’s

The customer IVA is right for someone who is used and receives A regular wage each month or week differently considered to be a PAYE employee.

We’d know how much You’ll Be receiving each month and Will help you work out your monthly expenses. We can subsequently thoroughly examine these details and calculate how long you’re able to pay into the IVA monthly. Provided that your circumstances don’t change, usually, after five decades of paying monthly into the IVA, you will be debt free.

Business IVA’s

The business IVA is for those individuals That Are sole Traders, at a venture, director/owner of a company, and you get a variable income monthly.

We will work with you to produce a cash flow prediction so that We can firstly know your business financial needs and secondly establish just how much and when payments can be drawn up in the IVA. The cash, time and amounts of such payments are considerably more flexible than in a consumer IVA because we know that there might be seasonality fluctuations in the commercial which we’ll factor into the proposal.


Full and Final Settlement IVA’s

All these are IVA’s which are Dependent upon a Lumpsum being Made accessible as a way to deliver a complete and final settlement to your creditors.

The lump sum can vary, Samples of these are out of the sale Proceeds of a property, a third party providing the capital, an inheritance, etc..

Should you need any advice about Personal Injury Deal’s live chat to us today (when we are online) or contact us.

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