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Individual Voluntary Arrangement

An Individual Voluntary Arrangement (IVA) is a legal agreement reached between
an individual or sole trader to make regular monthly payments on outstanding
debts, allowing you to pay back what you can afford to.

Payments usually last about five years and CCJs and bailiff action will be stopped
 from pursuing you once the IVA is in place. It is a good alternative to bankruptcy 
when you are looking to protect assets such as your home.

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IVA Solutions

An additional advantage of an Individual Voluntary Arrangement is
that unlike a consumer IVA, it can be tailored to your unique
business and personal circumstances.

INDIVIDUAL VOLUNTARY ARRANGEMENT FREQUENTLY ASKED QUESTIONS

How long does an IVA last?

A personal or sole trader IVA can last as long as seven years but is usually completed after five years.

Can creditors ask for repayment in a IVA?

No. Once an IVA is agreed and entered into, all interest and charges on debts are frozen and creditors cannot make demands for repayment during an IVA.

Can I keep my home and car if I enter an IVA?

Anyone entering into an IVA will have more protection over their assets including their home and vehicles and may not be forced to sell to repay creditors.

Will my credit rating be affected?

Yes. An individual’s credit rating will be affected by the IVA but it can be built up once completed by showing that they can stick to an agreed repayment schedule

How much will I have to pay?

The amount will vary depending on your assets, the amount you owe, whether you are operating a business as a sole trader and other

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Business Rescue Expert is part of Robson Scott Associates Limited, a limited company registered in England and Wales No. 05331812, a leading independent insolvency practice, specialising in business rescue advice. The company holds professional indemnity insurance and complies with the EU Services Directive. Christopher Horner (IP no 16150) is licenced by the Insolvency Practitioners Association

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