Individual Voluntary Arrangement

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A Real Life example of how our services changed
one customer's life for the better...

Mr A. of Guildford contacted us in October 2006. He was at his wit's end. Having purchased his home earlier that year, he had no equity to borrow against, and the mounting costs of his new home and supporting his wife and two young children had quickly put him £50,000 into debt.

His monthly minimum payments were over £900, and even at this level he was only repaying the interest each month - the original debt was not even reducing. After his mortgage and these payments, there was barely enough left for his family to live on.

Gradually things got worse. Mr. A. started to miss payments on his credit cards and mortgage - his wife was concerned that they were going to have their beautiful new home repossessed by the building society. She saw one of our adverts and begged him to take action before it was too late.

Our professional qualified advisors arranged an Individual Voluntary Arrangement (IVA) for Mr.A which meant that his debts could be repaid at £325.83 per month, payable over 5 years. Now he will repay a total of £19,549.80, instead of the £50,000 plus interest that he owed. Over the 5 years, that's a saving of over £84,000! Yes, just by talking to us, Mr. A saved over eighty four thousand pounds.

Mr. A and his family are now more relaxed and confident that they have enough money to pay their mortgage and enjoy the good things in life. And best of all, in 5 years, they will be 100% debt free.

The IVA Process: What should I Expect?

More and more people in the UK are considering an individual voluntary arrangement (IVA) instead of filing bankruptcy. But even if an IVA has significant benefits, you’ve got to be aware of the detailed process in going through it. Remember, if you’re well informed about what to expect before entering an agreement, you will be less worried and stressed about the whole deal.

Experts recommend that you discuss your current financial situation with several providers of IVA before you make your choice on who to partner with. Usually, after you have chosen a provider, it will take another 4-6 weeks before your arrangement comes into effect. This is the detailed process for this debt settlement:

1. The debt advisor you have chosen (coming from an IVA company) will review your current financial situation. Then, they will calculate an amount that you can realistically pay every month.

2. If the result of the review is positive, then an Insolvency Practitioner will be assigned to you. He/she will be given with documents of your liabilities and assets, as well as “Statement of Affairs.”

3. Then, an Interim Order will be requested from the court to prevent your creditors from taking further legal actions against you.

4. An individual voluntary arrangement proposal will be drafted by your Insolvency Practitioner. This outlines the debt that you have incurred and your surrounding circumstances. You have to agree and sign this document with a commissioner for oaths or solicitor as a witness.

5. Consequently, this proposal will be distributed to your creditors, who will either accept or suggest modifications to it. Your Insolvency Practitioner will then inform you of these suggestions – of course it usually involves requesting for increased monthly payments.

6. The next step is the meeting of creditors, which is usually arranged 14 days after receiving your proposal. Most creditors will not normally attend these meetings, but will just put their approval in writing. If for example, 75% of the creditors have already accepted your proposal, then it will become binding to all concerned.

7. When an agreement has been reached, the creditors and the court will be informed of the outcome. Most likely, your Insolvency Practitioner will be appointed as your IVA supervisor.

8. You are now required to uphold your end of the bargain for five years. If your circumstances have improved during this time, you may request for an increase of your monthly payments to get out of debt faster.

8. When all terms of your individual voluntary arrangement has been complied with, any outstanding debt left will be written off, and you are free from further liabilities. GP

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