Individual Voluntary Arrangement (IVA)
An Individual Voluntary Arrangement, or IVA, is a legally binding arrangement with your creditors. You can only apply for an IVA through an Insolvency Practitioner. You would usually make a monthly payment for between 60 and 72 months toward your debts. At the successful conclusion of the IVA your unsecured debts would be written off.
Advantages
- Usually there are no upfront fees in an IVA
- If you have assets these may be protected during the IVA
- The creditors included in the IVA cannot continue to enforce their debt
- Your Insolvency Practitioner will liaise with your creditors on your behalf
- You may not have to pay your debts in full subject to the terms of the IVA
Disadvantages
- Your details will be listed on the Insolvency Register
- Your credit rating will be negatively affected for 6 years
- You cannot apply for any further credit during the IVA without the Supervisor’s consent
- Certain debts cannot be included within an IVA such as Social Fund loans and court fines
Parkfield Insolvency will not charge you a fee for initial information and signposting. If you were to proceed and implement a recommended debt solution where fees are applicable, full details will be provided before setting up. Parkfield Insolvency proposes and administers Individual Voluntary Arrangements (IVAs). Advice is provided on the basis that there is reasonable contemplation of an insolvency appointment, once it is apparent that an IVA is likely to be the most appropriate debt solution. The debt solutions offered by Parkfield Insolvency Limited only apply to residents of England, and Wales.
Parkfield Insolvency is a trading style of Parkfield Insolvency Limited, Company Number 14371483, registered in England and Wales, at Dalton House, Cross Street, Sale, M33 7AR.
Peter Jackson is authorised by the Insolvency Practitioners Association to act as a Licensed Insolvency Practitioner.
To qualify for an IVA with Parkfield Insolvency, you must have a minimum of £6,000 of qualifying unsecured debt owed to two or more creditors
There is potentially a debt write off in some IVAs. However, the amount of debt written off differs for each customer depending upon their individual financial circumstances and is subject to the approval of their creditors.
Data Protection Act Registration Number – ZB399874. To find out more about managing your money and getting free advice, visit Money Helper, an independent service set up to help people manage their money.
