The Process

There are three major steps in the setting up of an Individual Voluntary Arrangement

One. A statement of affairs is prepared; this will involve discussion with one of our experienced insolvency advisors either by telephone or face to face. We need to establish your circumstances and work out a level of payment using CCCS guidelines.

Two. A proposal is drawn up for you to approve and sign based on the information you give us. It contains the terms and conditions under which you agree to repay a % of the debt you owe to your unsecured creditors. You will be allowed sufficient income to pay secured creditors and your monthly household expenditure.

Three. A creditors’ meeting is then arranged and your creditors vote for its acceptance. We need to obtain a 75% majority of those who vote. Not all your creditors will vote. Once we have received sufficient votes and you agree any modifications, your IVA is approved and all your unsecured creditors are bound by it.

Is an IVA right for me?

• If you have debts over £15,000
• Two or more creditors with three or more lines of credit
• If you're a homeowner and want to protect your property
• If you are a tenant and don’t want to petition for bankruptcy, IVAs are an alternative to bankruptcy
• Administration costs are lower
• You can pay our fees monthly