WHAT IS AN INDIVIDUAL VOLUNTARY ARRANGEMENT ?

What is an Individual Voluntary Arrangement ? Could an Individual Voluntary Arrangement be the solution to your debt problems. What is an IVA ?

How an Individual Voluntary Arrangement could help you.

WHAT IS AN IVA ?

An Individual Voluntary Arrangement is a government approved scheme where a debtor can come to a formal agreement to make one monthly affordable repayment to all his or her creditors. Individual Voluntary Arrangement programmes, with the help of licensed debt negotiators help debtors reach an understanding with everyone that you owe money to and can help you avoid personal bankruptcy.

An Individual Voluntary Arrangement could help you become debt free stress free and make a new start.

An Individual Voluntary Arrangement can write off up to 75% of your debts and be considered debt free after 5 years.

As a result its formal nature, an Individual Voluntary Arrangement needs to organised by a licensed professional debt negotiator.

How does an Individual Voluntary Arrangement work?

Once it is decided that an Individual Voluntary Arrangement is right process for you, we will need to ask personal questions about your financial status. Based on the information you provide, an affordable monthly repayment sum will be agreed with you. Once proposals have been drafted you will need to check and sign the proposal and return.

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A formal application will then be made to the court for an Interim Order. Once the interim order is granted, no creditors or bailiffs will be able to take legal action against you. A creditors meeting will be arranged to which you should attend. Normally, as voting has already taken place, creditors rarely attend these meetings.

For an Individual Voluntary Arrangement to be approved, your creditors will be asked to vote “for” or “against” the arrangement. It only requires one creditor to vote "for" the Individual Voluntary Arrangement, for the Individual Voluntary Arrangement to be approved. However, should only one creditor vote, and they vote against your Individual Voluntary Arrangement, and they represent less than 25% of your total debt, the meeting will be rescheduled for a later date and your other creditors, who failed to vote will be called upon to vote again.

If the creditor who voted against the Individual Voluntary Arrangement represents more than 25% of your total debts your Individual Voluntary Arrangement application will fail. This is because an Individual Voluntary Arrangement can only ever be approved if 75% of the monetary value is voted for. If any of your creditors don't vote, it is assumed that they would vote “for” the Individual Voluntary Arrangement.

The rules of an IVA state that - providing 75% (in true value terms) of creditors that have voted, have voted to accept the Individual Voluntary Arrangement proposals (with or without modifications) then the Individual Voluntary Arrangement is agreed and becomes legally binding on all other parties even if they have not voted.

Your Individual Voluntary Arrangement will be legally binding, so long as you keep up the repayments. Once the term of your agreement is finished (normally 5 years), you will be free from all debts, regardless of how much you have paid off.

Periodically, your financial situation will be reviewed, to see if there has been any change in your circumstances.

It is very important that you do not confuse an Individual Voluntary Arrangement with a DMP (Debt Management Plan), as DMP’s are not legally binding.

Most Individual Voluntary Arrangement arrangements are based on one, affordable, monthly, payment, based on your disposable income and payable over a period of 5 years.

An Individual Voluntary Arrangement proposal has to be drawn up by a licensed Insolvency Practitioner (IP) who then presents it on your behalf to your creditors at a creditors meeting.

Normally in the case of a consumer Individual Voluntary Arrangement, it is usual for any creditors or their representatives not to attend the creditors meeting as most choose to vote by fax or by post.

Once your Individual Voluntary Arrangement is accepted the Insolvency practitioners’ role becomes that of manager, monitoring the Individual Voluntary Arrangement 's progress to ensure that the terms and conditions that were agreed at the creditors meeting are properly adhered to.

It is the debtor's responsibility to make the agreed payments to the Insolvency Practitioner, who ensures that the payments are distributed to all your creditors on a pro-rata basis in accordance with terms of the Individual Voluntary Arrangement. This practice continues until the successful completion of the Individual Voluntary Arrangement.

It is within the debtors personal interests to ensure their payments are made as failure to pay the monthly sum will almost certainly result in the failure of the Individual Voluntary Arrangement.

Once the Individual Voluntary Arrangement has been successfully completed, the debtor will be considered debt free. This is despite the fact that they may not have actually paid off all of their debts. Any outstanding balances are then written off and the debtor is at liberty to make a fresh financial start.

To gain a clear and full understanding of what an Individual Voluntary Arrangement is and how it could help you, you should complete our online form so that one of our insolvency practitioners make contact you.

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