Individual Voluntary Arrangements (IVAs)

An IVA could be the solution to your debt problems

If you have unsecured debts over £15,000 and are struggling to pay your monthly payments, an IVA could be for you. An IVA is a legally binding agreement between you and your creditors, allowing you to make one affordable monthly amount for a fixed period of usually 60 months.

Our expert team will assess your suitability for an IVA and together with our Insolvency Practitioner who will supervise your IVA, as required by law, will draft your proposal and liaise with your creditors on your behalf.

• You make one affordable monthly payment
• Provided you maintain your payments interest and charges are usually frozen
• You pay for a fixed period of, usually, 60 months (Can be 72 months or greater)
• Unsecured creditors can not take any further action
• Once approved it is legally binding on your creditors
• An IVA is a real alternative to bankruptcy
• If only 25% of your creditors vote against the IVA it will still be accepted and they will be bound by its terms
• Your Insolvency Practitioner will prepare a proposal with you, including agreeing a budget of your household expenditure using guidelines acceptable to creditors
• You will normally be able to continue running any business

• To be accepted 75% of creditors who vote need to agree to the IVA
• If the IVA fails you could be made bankrupt
• Homeowners may be asked to release equity from their home in the 4th year of the IVA. If you are unable to obtain a re mortgage, then the term may increase by a further 12 months
• Because you will be breaking your original agreements with your creditors you may receive a default notice which will be listed with credit reference agencies. As a result it will be difficult for you to get credit for up to six years after completion of the plan including mortgages, mobile phone contracts etc
• If the IVA fails you could still owe your creditors the full amount of what you owed at the start
• There will be fees payable

Call Byrom & Keeley TODAY and let us help you:
New enquiries: FREEPHONE - 0800 298 2988
Existing customers: FREEPHONE - 0800 848 8484
Creditor line: FREEPHONE - 08000 435437