Bankruptcy Alternatives - Individual Voluntary Arrangement (IVA)

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Bankruptcy Alternatives

Before you make a final decision on whether to go down the bankruptcy route you should be aware that government legislation is available to provide alternatives - your debts can be legally restructured to help you avoid bankruptcy.

If you are being pursued by creditors threatening to make you bankrupt then we are often able to stop this happening – even if the creditor is Revenue and Customs.

Individual Voluntary Arrangement (IVA)

If you owe a significant amount of unsecured debt “- including Inland Revenue debts - “ (usually in excess of £15,000), then an IVA could be best way to consolidate your debts without being made bankrupt.

We are directly authorised as insolvency practitioners to help consumers and small business owners resolve their debt problems by entering into an IVA. If you want to take advantage of this often called "second chance" government legislation then consider the following IVA benefits:

  • We deal directly with all of your creditors from day one.

  • One affordable monthly payment (including all costs) to cover all your debt repayments.

  • All unsecured debts consolidated and as much as 70% eventually written off with your creditors permission.

  • IVA periods usually up to 60 months maximum giving you the certainty of knowing exactly when you will be completely debt free.

  • All interest and charges automatically stopped on acceptance.

  • No more demanding phone calls, letters or court threats.

  • Keep your home and possessions by avoiding bankruptcy.

  • An Individual Voluntary Arrangement (IVA) is part of a long standing piece of government legislation which allows for a new binding agreement between you and your creditors. Under an IVA you would make a single affordable monthly payment for a fixed period of time up to a maximum of 60 months. IVAs are completely private arrangements strictly between you and your creditors. Unlike bankruptcy one else need know about this kind of debt restructure.

    Only a Licensed Insolvency Practitioner such as our Group of companies is authorised to undertake IVA arrangements. We work with you to ensure that you have enough money each month to enjoy a reasonable lifestyle and would directly undertake all the creditor negotiations on your behalf. Once the IVA analysis is complete we will prepare a proposal for your creditors and obtain approval for your IVA.

    Once your IVA has been approved you become completely legally protected from your creditors taking further action against you for recovery of the debt. You will be able to finally sit back and relax in the knowledge that you only have to make one affordable payment each month for a maximum period of 60 months. Once you have made your final payment, all remaining debt is legally cancelled and you will be completely

    One of the key elements to consider before applying to enter into an IVA is to know exactly the type of IVA company you intend to deal with. There are a very limited number of Insolvency Practices in the UK such as ourselves, who are directly authorised to undertake these IVA agreements. Always ask to speak to your insolvency practitioner directly. You can certainly do this with our company.

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    " My wife and I thank you for all your assistance and your highest consideration"

    Dr A.K. Lincs

    If you think that an IVA could help you gain complete freedom from debt and consolidate your debt problems then please call us on 0800 043 50 43 or complete our enquiry form and let us advise you properly.

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