IVA's

Individual Voluntary Arrangement

An individual voluntary arrangement (sometimes known as an individual voluntary agreement) is a legally binding arrangement whereby you agree to pay back to your creditors as much as you can possibly afford. This method is considered for those people that have incurred debts mounting above £15,000.

One affordable monthly payment.
Provides a method of resolving your debt problems.
Is a legal agreement where your creditors accept the negotiated terms
Can write off a percentage of your debt

Action Today offer a comprehensive service where we appoint an Insolvency Practitioner (who is a specialised accountant) to forge a legally binding agreement to ensure that you can pay an affordable percentage of your outstanding debts to your creditors. The actual percent that is agreed is dependable on the amount that is owed to your creditors and may be different for each of them.

Individual voluntary arrangements usually last for a period of five years. Providing you maintain the individual voluntary arrangement any balance of your debt outstanding after the five years is usually written off.

Advantages of an IVA (Individual Voluntary Arrangement)

One affordable payment per month
Creditors are bound by law. The IVA will overturn any CCJs
From the date of approval, all interest and charges are frozen
This is a private agreement between you and your creditors
Your employer will NOT be made aware
You can still re-mortgage your home when in the agreement
You and your partner can enter a joint IVA if some debts are in joint names
We offer a home visit after giving advice over the phone
No Fees to pay. Insolvency Fees are payable from creditor contributions
We have the experience and systems in place to make the process as painless as possible for you
We are not a call centre. You will have one point of contact "pre" and "post" the IVA
Enables a Sole Trader or Partner to continue to trade and generate income towards repayment to creditors which would otherwise have a call upon the personal assets of the individual.