About IVA’s

Is an IVA the best option for you?

Why use an Insolvency Practitioner?

We are highly regulated and have to demonstrate a wide range of experience before becoming an Insolvency Practitioner

  • Other debt advisors may offer advice on procedures such as IVA’s, bankruptcy and company insolvency but are not qualified to undertake this work and are unlikely to have personal experience of these procedures.
  • Some debt advisors will charge you fees for referring you to an Insolvency Practitioner. It is quicker and cheaper to contact us directly and we do not charge for our initial advice.
  • Insolvency Practitioners are professionally required to evidence in writing their advice to you. Other forms of debt advisor may simply rely on recorded phone conversations potentially resulting in misunderstandings.
  • Insolvency Practitioners are required to provide a bond to safeguard clients’ money which they hold. This is a key feature of the Insolvency Regulations.

“is an IVA going to help me?”

Benefits of an IVA

A written legal agreement that shows how you will become debt free, normally in 5 years.


  • No further debt recovery or legal proceedings are permitted.
  • Freezes interest and charges for the duration of the IVA.
  • Guaranteed unsecured debt write off at the successful completion of the IVA.
  • A single, affordable monthly payment that can be reduced if your circumstances change.
  • Annual reviews to ensure that you can still afford the agreed monthly repayment.
  • An interlocking IVA may be proposed to include all your debts, your partner’s debts and any joint debts.


  • A protocol agreed with creditors that confirms that you will never be asked to sell your property, if you are a homeowner.
  • No local publicity although your details will be held on a central register that can be accessed via the internet.
  • Enables you to continue to trade if you are self employed or have a trading business.
  • An IVA can catch unknown debts such as unpaid tax or overpaid tax credits.
  • An IVA can be proposed with a lump sum from a relative or third party. The IVA could be completed in a matter of months.

“I have a lot of creditors, will they all be receptive to an IVA”

IVA procedure

  1. Initial call to assess whether you would qualify for an IVA and to provide information on your other options. If you decide to proceed with an IVA we will then send to you a letter confirming that no fees will be payable by you unless an IVA is approved. Fees are then only drawn from contributions you make to an IVA and are agreed by your creditors. We will also ask you to send in documentation to confirm your financial position.
  2. On receipt of your documentation we will contact you again to agree your monthly repayment and other details that will be included in the IVA documentation. We will then send this to you for your approval together with a written document confirming the basis of our advice to you and detailing the options available.
  3. On receipt of the signed documents we will then write to your creditors to set a date (normally 16 days time) by when they must vote for or against the proposal. On approval of the IVA we will then write to your creditors to confirm the terms of the agreed IVA and to advise them that all further correspondence should be addressed to us.
  4. Your first agreed monthly payment will be due within 32 days of the IVA approval although we will normally ask you to make your payment before the approval date to give you a headstart.
  5. We will make regular payments to your creditors normally on a monthly or quarterly basis once the set up fees and disbursements agreed with your creditors have been paid.
  6. Annually we will review your case with you to ensure that you can still afford to pay the agreed monthly amount and to confirm that from your point of view the IVA is proceeding satisfactorily. We then report annually to you and your creditors.
  7. At the end of the arrangement we will report to you and all creditors and will issue a Cerificate of Completion which confirms that the remaining unpaid debt has been written off. Your name will then be removed from the IVA Register.
  8. Your credit file will be updated by your creditors to show that the debt has been satisfied. The IVA is removed from your credit file 12 months after successful completion, enabling you to apply for credit again with confidence that your debt has been written off.

“I know the options, but which one will be best for me?”

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