Individual Voluntary Arrangements

An individual voluntary arrangement (“IVA”) is a rescue procedure for individuals and is an alternative to formal bankruptcy.

One of the main advantages for entering into an IVA includes the individual having more control over their affairs. Creditors will also get a higher  return than if the individual went bankrupt.  This is because an IVA is not subject to the government’s Ad Valorem charges which can be as high as 17%

An IVA requires a strong commitment from the individual and should not be considered an easy option.

Our experience in dealing with IVA’s is extensive and we have good working relationships with government departments and consumer debt organisations who are appointed by credit card companies to examine IVA proposals. As part of our service we also liase directly with creditors in advance to obtain the creditors opinion on the proposed IVA. Communication is the key and more arrangements are approved when an open dialogue is in place