Debt solutions
Individual Voluntary Arrangement (IVA)
A legally binding solution that lets you repay what you can afford and write off a significant portion of your debt — with full legal protection from your creditors.
What is an IVA?
An Individual Voluntary Arrangement (IVA) is a formal, legally binding agreement between you and your unsecured creditors. It allows you to repay a portion of your debts through one single, affordable monthly payment over a set period — usually five years.
At the end of the arrangement, any remaining unsecured debt included in the IVA is legally written off. An IVA is managed by a licensed Insolvency Practitioner (IP) who acts as your nominee and supervisor throughout the process.
Once approved by your creditors, they are legally prevented from adding further interest or charges, contacting you directly, or taking legal action against you.
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How the IVA process works
Free consultation
Speak to one of our advisors who will review your debts and income to see if an IVA is right for you. Although the initial call is free, if you decide to go ahead with the IVA, fees will apply. For further information please contact us now.
Proposal prepared
Your Insolvency Practitioner prepares a formal proposal outlining your repayment plan and submits it to your creditors.
Creditors vote
Creditors holding 75% or more of your debt must agree to the proposal. Once approved, all creditors are legally bound.
Debt written off
You make one monthly payment for the agreed term. At the end, any remaining included debt is legally written off.
IVA pros and cons
Advantages
- Legally binding — creditors cannot pursue you
- Interest and charges are frozen
- Remaining debt written off at the end
May not be suitable in all circumstances. Fees apply; your credit rating may be affected.
Considerations
- Credit file may be affected
- Approval required from creditors representing a specified percentage of total debt
- Not all debts can be included
Frequently asked questions
Ready to take the first step?
Call us on 0141 487 9912May not be suitable in all circumstances. Fees apply; your credit rating may be affected.