Individual Voluntary Arrangements | Smart Business Recovery

What is an Individual Voluntary Arrangement (IVA)

This happens when you agree with your creditors a payment plan.  This legally binding proposal is designed either for you to pay your creditors in full or an agreed percentage of their debts.

IVA proposals usually fall into at least one of these categories -

• The sale of your assets
• Monthly contributions, usually over a period of five years
• A lump sum paid by a third party
• A combination of these three

What are the benefits of an IVA?

• You’ll be able to make a formal proposal to settle your debts within a reasonable time frame.
• By the end of the IVA, your creditors will receive either all or some of the monies you owe.
• Any interest or charges that you owe will be frozen. Your creditors will be barred from making further claims.

How do we fulfil our role?

• We’ll work with you to analyse your personal financial circumstance and to advise you of your best option.
• We’ll help you to prepare your IVA proposal for your creditors.
• Acting as your nominee, we’ll oversee the procedure whereby the creditors agree to the proposal.
• If they do approve the proposal, we’ll act as the supervisor and be responsible for implementing the arrangement.

Further information and Advice

We offer initial meetings which are free of charge and confidential.

We also recommend that you seek advice from a number of different sources and have provided links to other bodies that you may want to contact, Here