Individual Voluntary Arrangement (IVA)

An individual voluntary arrangement, more commonly referred to as an IVA is an agreement reached between a person and his or her creditors. Individual Voluntary Arrangements (IVA’s) are administered by commercial insolvency practitioners.

If a person decided following advice that they wished to attempt to enter an individual voluntary arrangement (IVA), they would appoint an insolvency practitioner who would then analyse their income and expenditure and devise the best possible proposal to suit all of the involved parties.

The proposal is then sent to all creditors and a date for a creditors meeting is set, creditors have until this date to either accept the proposal, request a modification (usually ask for a larger payment to the IVA) or decline. The creditors meeting offers a final chance for the proposal to be discussed.

If by the end of the creditors meeting, the proposal has at least 75% of creditor support pro rata, then the deal is implemented and the individual voluntary arrangement (IVA) becomes legally binding on all creditors. An individual voluntary arrangement (IVA) typically lasts for 5 years and if payments are upheld throughout, then the deal is complete and any outstanding balances to creditors involved in the IVA are written off.

Finance7 will show you how best to protect your personal assets and utilise the procedure to your maximum advantage.

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