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Individual Voluntary Arrangements

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Debt is a problem that impacts thousands of people in the UK each year.

With no obvious solution in sight, many people simply end up living with a constant threat of that debt looming over them.

We are Individual Voluntary Arrangement contractors who assisted thousands of companies throughout the UK.

With experts based throughout the UK we can offer competitive prices and in July 2024 are able to get costs to you very quickly.

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Why Choose Us?

Having years of experience being IVA contractors, helping those struggling to get back on their feet, we have all the answers to the queries you might have.

We offer a wide range of formal debt management programs: these are ways to try and repay your debts with a formal structure, allowing you to work towards your debts being paid off without being hounded for money or having to starve to afford the payments.

Before you file for bankruptcy or try some other risky way of clearing your debt in July 2024, an IVA with us may be a good option to at least try in the short-term.

We have compiled a long list of positive feedback over the years, if you continue reading, you will be able to view the amazing 5-star reviews!


We offer a number of great Individual Voluntary Arrangements services and are more than happy in assisting you on anything you need more information on.

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What is an individual voluntary arrangement (IVA)?

The idea behind an individual voluntary arrangement (IVA) is to create an agreement between the creditor and the debtor that arranges you to repay your depths in small monthly payments over a longer period of time while also protecting your assets.

Unlike filing for bankruptcy, you aren’t sent into pure insolvency where your assets are taken to meet the fees that you’re supposed to pay back.

What is an individual voluntary arrangement (IVA)_

Using an IVA means that you can have as much as five years to work towards your debts in a safe and protected manner.

As long as you can repay your debts under the new agreement that you have made (which is generally smaller amounts per month, but under a longer period of time), all of your assets are safe.

Why is this different?

In regular circumstances, a person who can’t repay debts for six months will be placed into bankruptcy by their creditors and their assets will be used to counteract the loss of debt repayments.

Under an IVA, you’re essentially agreeing to extend the debt under a promise that it will be repaid, just not as quickly as originally expected.

How does an individual voluntary arrangement (IVA) work?

Only a licensed insolvency practitioner can begin the IVA arrangements, which means that you’ll have to contact a debt management company in the UK before you can start any negotiations.

You will need to give up a lot of information about your financial situation. All of this information is necessary, since it needs to be used to manage the IVA correctly and to get a clearer picture of why your regular debt cannot be repaid.

This leads to a meeting with the creditors, where creditors that collectively represent at least 75% of the debt value need to agree on an individual voluntary arrangement.

IVAs are legally binding. Any creditors who voted against it are still bound by it if it passes, but you also cannot leave it, either.

An IVA may not end unless one side breaches the deal or the debt is repaid.

If you would like to receive even more information on Individual Voluntary Arrangements services, make sure you get in touch with us today!

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IVA Costs

You will find that it is common to have to pay a fee to have an IVA set up as they are only available to be set up by lawyers and accountants, known as an insolvency practitioner (IP).

The fees are usually seen around the £5,000 band.

You will be paying for the IP roles that consists of:

It is common for the court to refer you to get an IVA when you are bankrupt- this will cost a fee of £335.

An IVA will be cheaper monthly payments to all your creditors for an extended amount of time.

While you need to be taking in regular payment from employment for IVAs to be accepted, that doesn’t mean that they take all your money.

An IVA proposal needs to allow enough for the debtor to live in a safe and healthy way, which can also impact the chance of an IVA passing.

If there would be barely any money left after living expenses are included, then the IVA fails.

Benefits of an IVA

4 benefits that an iva CAN PROVIDE YOU!

There are many benefits you can find with an IVA, here are a few to mention:

The list continues! Get in touch today to find out even more advantages with an IVA.

Are IVA’s Easier?

While you may think that individual voluntary arrangements are a simpler option, this isn’t the case. These “easy” arrangements only happen when you aren’t able to pay creditors back properly, since an IVA is a formal method of finding a way to pay back outstanding debts.

Under circumstances where this is the case, you are often stuck with very little income or nothing to liquidate as a way of raising some money. For creditors to consider an IVA proposal, it has to be clear that you cannot afford to repay the debt in the way that debtors usually do, so you can’t simply “act poor” and try to get an IVA as a quick solution.


One of the reasons that individual voluntary arrangements aren’t “easier” is because they adapt to your personal situation.

Creditors will identify how much you’re able to repay per month in the circumstances without going fully bankrupt, and just like a decision made in court, you must repay it.

Insolvency or not, it’s your responsibility to repay IVAs on a monthly basis. While some circumstances (sudden illness or injury) can result in delays, you’re still expected to satisfy the arrangements made between you and your creditors.

Can I breach an IVA?

An IVA breach can happen under a range of circumstances.

What does an IVA breach mean?

An IVA breach doesn’t immediately take you to court or terminate the IVA. Instead, you are given a timescale to fix the issue, such as providing details you missed in a report or explaining where a sudden windfall came from.

If you don’t find a solution to the breach, then a meeting will be arranged with the creditors. This gives them the option to terminate the IVA and the IVA fails. In circumstances beyond your control, the supervisor can ask the creditors to consider altering the terms.

How do I know if an individual voluntary arrangement (IVA) is right for me?

Since an IVA is a formal agreement between both parties (and is legally-binding), it’s one of the only debt solutions that you might not be sure about taking.

This debt advice could point you towards taking an IVA as the next step, although you will still need to contact the insolvency practitioner yourself.

Your proposal isn’t sent until you sign the agreement while an Advocate or Attorney General is present, but until then, you should learn as much as you can about how your individual voluntary agreement may end up going.

Generally, if you’re suffering financial troubles, then trying to apply for an IVA can be a good step in the right direction.

The Lump Sum

Since you can’t repay your debt as a lump sum, you need to know how much you’re expected to repay your creditors.

An individual voluntary agreement becomes more useful as the scale of your debt increases, since creditors need more money for the debt to be settled.

In most cases, you should owe your credits at least £15,000 or more before you consider an IVA, although there can be major exceptions.

Your Financial Status

The amount of money involved in the IVA also depends on what you actually earn.

Your income is used to determine the amount that creditors may get per month, so lower income debtors will pay less to creditors.

The point of an IVA is to satisfy both parties, so you’re expected to repay back a reasonable amount for your current financial situation.

Debt Types

Not all debts are the same. Mortgages, student loans, secured loans, child support, and various other specific debts aren’t covered in an IVA proposal, which means that you can’t rely on an IVA to clear them up.

Your debts also need to be uninsured – you cannot pay off credit cards with an IVA, for example.


If your debts could be paid off through the liquidator of assets, then an IVA proposal generally won’t be included.

For example, somebody who owns their own business and has plenty of spare assets that aren’t being used won’t always be accepted for an IVA, since the creditors could simply take the assets and settle the debt that way.

IVA’s are meant for situations where there is no other option to repay the debt: if creditors may be able to easily settle the debts through your assets, then the case is often closed right there.

Does Declaring an IVA mean Bankruptcy?

An individual voluntary arrangement doesn’t mean that you have to dissolve a business. You can be part of an individual voluntary arrangement and still run your own company, register as a business, or even take up a position as a company director.

Always follow the legal advice of whoever is supporting you. Good legal advice is invaluable, as is good money-management advice, since most people with an IVA will need all the advice that they can get.

Is an IVA Better Than Other Debt Solutions?

In England, Wales and Scotland, IVAs are an extended form legal advice that creates a nice alternative to much more risky options. However, that doesn’t mean that you can credit them with constant successes – apart from not being a valid solution for some situations (like mortgage debt or a credit card fee), IVAs are also heavily reliant on advice to create a set plan.

If you don’t think that you can stick to a consistent plan in the near future, the IVAs are a lot harder to arrange.

For example, say that you follow legal advice and propose IVAs while you’re trying to repay multiple fee-related debts, one of which is a mortgage. You can’t include that mortgage, but that might mean that the solution doesn’t work, because you’re still paying off two set arrangements at the same time.

When are IVAs most useful?

IVAS are a set form of repayment, and that makes them perfect as a solution to big, long-running and impossible-to-repay debts. They’re often suggested as advice to people with no other solution, consolidating every debt into a single payment that is based on your own income.

Since IVAs are set payments, that also means that you’re generally paying a set amount unless you suddenly earn a lot more money. This makes the payments scale to what you earn, so a useful piece of advice can be to try IVAs if you’re not making quite enough to repay your existing debts.

This solution lowers how much you repay in the short-term, but still allows you to live comfortably.

One final piece of advice to consider is that, by the end of the IVA, your debt is completely wiped. In extreme situations, this makes it the perfect solution to debts that would take you ten years or more to settle – while it won’t be easy, it’s a lot simpler than trying to declare bankruptcy and work yourself back up to a stable situation.

You could even have the debt wiped in half the time if you get the right legal advice and the creditors agree to a five-year plan.


Do I have to pay it all back?

An IVA does not technically require you to pay the full debt back. Since an IVA is a formal deal, the terms are set when it begins and only changed in extreme situations. If you can only afford to pay back half of the debt across five years, but the creditors agree to this, then your debt is considered clean after those five years, even if you haven’t paid back the full amount.

An IVA proposal means that, technically, you can wipe away a debt without completing all of the payments you were supposed to. However, this only happens when insolvency practitioners tell the creditors that you do not have enough money to cover the full debt.

How long does an individual voluntary arrangement last?

Individual voluntary arrangements only last for a fixed period, which could be anywhere from 12 months to six years depending on debt involved. This means that you would be handling payments for up to six years (sometimes even more) – however, these payments won’t usually change between months, even if you start making more money than you were when the IVA began.

How does an IVA affect your life?

An IVA is a formal agreement. In England, Wales, and Scotland, you well be placed on a public register if the creditors meeting results in them agreeing on the process. You will be removed from the insolvency register three months after the IVA ends, whether the debt was paid or the period expires.

What does an individual voluntary arrangement (IVA) mean for my business?

When you apply for an IVA, you are making a deal on a personal level. You are the one who has to pay back the debts, not your company – this means that things like declaring bankruptcy is not necessary. If your company does go bankrupt for outside reasons, the bankruptcy won’t be related to your IVA, although you may need to find a new source of income to handle each monthly payment.

An IVA will also not impact your credit, although depending on how you pay back the debt, it could still affect your credit rating. You also won’t generally be expected to pull money out of your business to pay back the individual voluntary arrangements.

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Make sure you contact us today for a number of great Individual Voluntary Arrangement services.

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What Others Say About Our Services

We absolutely love the service provided. Their approach is really friendly but professional. We went out to five different companies and found Individual Voluntary Arrangements to be value for money and their service was by far the best. Thank you for your really awesome work, we will definitely be returning!

Aj Connolly

We have used Individual Voluntary Arrangements for many years as they are certainly the best in the UK. The attention to detail and professional setup is what makes this company our go-to company for all our work. I highly recommend the team for the immense work - we highly recommend them!

Lorraine Woods

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