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Individual Voluntary Arrangements Explained

An individual voluntary arrangement (IVA) is a formal agreement between you and your creditors that can help you repay your debts at an affordable amount.


IVAs are a legally binding agreement that can help you deal with your debts. You can only get an IVA with the help of insolvency practitioner, such as The Timothy James Partnership.


With an IVA, you put forward an offer of payments on your debts to your creditors. This will be based on what you can afford. If you have an IVA, your payments towards your debts can be made through either a one-off payment, known as a lump sum IVA or monthly amounts.


The key is that your creditors need to agree to the amount you propose to pay them and over what period of time.


Is An IVA Right For Me?


IVAs are generally suitable for people with a sustainable regular source of income so monthly amounts can be paid into the IVA. If you do not have sufficient surplus funds or a regular income, an IVA may not be right for you.


Most common debt types can be included such as credit cards, personal loans, overdrafts, gas and electric arrears and payday loans. But secured debts like mortgages or secured loans and some other debts such as student loans, fines and child supports will still have to be paid separately outside of the IVA.


For confidential advice about individual voluntary arrangements, you can speak to our experts here at The Timothy James Partnership.

Added: 24 May 2017 11:56

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The Timothy James Partnership

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Insolvency Practitioners Association
About Us

We are an independent firm of specialist Licensed Insolvency Practitioners located in Bromsgrove, Worcestershire.

At The Timothy James Partnership, we work very closely with local businesses and professionals, providing guidance on formal insolvency procedures and advice on restructuring businesses.

We recognise that at times, companies find themselves in difficult financial circumstances and our aim is to provide practical solutions in these situations.