IVA - Individual Voluntary Arrangement

If you have unsecured debts of more than £ 12,000 and are looking to clear them, an Individual Voluntary Arrangement plan (IVA), or a Protected Trust Deed (PTD) in Scotland, may be an option for you to consider. An IVA is one of only two debt solutions that can write off part of your debt, with the other solution being bankruptcy. Harrington Brooks can arrange IVAs through our specialist Insolvency Practice.

An IVA is a repayment plan, usually over 60 months, that is negotiated between you and your creditors. It is a formal legal agreement between all parties and both yourself and your creditors are bound by this.

The benefit of an IVA is that the debts you have not repaid at the end of the term are completely written off. Also, the original debt will not incur any further interest and charges.

All you need to do is make continued monthly repayments as set out in your IVA agreement. This will ensure that your creditors can take no further legal action against you.

An IVA is a legally binding agreement; therefore, before making arrangements to sign this contract you should get professional IVA debt advice and must be completely confident that you can both afford and will continue to make the monthly payments. Your insolvency practitioner will work with you to determine what amount you can afford to repay each month.

If you would like to apply for an IVA please complete the application form and one of our advisors will contact you.

To find out what solutions Harrington Brooks can offer you why not take a few moments to complete the Debt Test. Alternatively, you can contact us for more information on an IVA by calling 0808 131 0040

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Testimonials

“I never thought that I would ever become debt free, it seemed like an impossible dream. But thanks to Harrington Brooks getting me sorted with my IVA program, I am only 6 months away from that. Time really has flown by, and I have been guided by the experts. I just wish I would have called sooner.”

Mr McS, Brighton

“I got in touch with Harrington Brooks when my life was at an all time low. I had been through a bad divorce and I had huge debts mounting from every possible angle. Life was not good. I knew that I had to do something about it, and fast but didn’t know where to turn. I called Harrington Brooks and talked about getting a debt management plan. However because my debts were so high I was told that I was able to write off most of my debts. This was without having to declare myself bankrupt. Now my IVA has just been approved and I am now on the way to become debt free, thanks to the professionalism and expertise at Harrington Brooks.”

Mr L, Newcastle

Entering into an IVA may adversely affect your credit rating for up to six years from the date of approval. Your property will be protected within an IVA but you may be required to release all or part of any equity during the period of the arrangement. Failure to complete the term of an IVA can result in bankruptcy.

(In Scotland, a PTD is the equivalent to an IVA.)

Harrington Brooks commits to maintain the accuracy of all the website advice. But occasionally, rules and regulations regarding the advice given can change and our website may become temporarily out of date. To ensure that you have the best and latest information available, please contact us on 0808 131 0040 and speak to one of our expert advisors.