Individual Voluntary Arrangements - IVAs

An IVA or Individual Voluntary Arrangement could be the right Debt Solution for you. For IVA advice contact our Debt Advice Helpline.

Our insolvency practitioner will prepare, negotiate and administer an Individual Voluntary Arrangement for you to voluntarily repay your creditors. This may be done by using your spare income, a lump sum or other assets that you own.

If you have surplus income after meeting your essential household and personal expenses or have assets that can be used to pay your creditors or have access to a lump sum, for example from a relative, you may then consider entering into an Individual Voluntary Arrangement (IVA).

Doing this will:

• protect you from recovery action that your unsecured creditors may take
• usually involve your creditors writing off part of what you owe them
• freeze interest
• enable you to make one affordable monthly payment

A proposal for an IVA will only be approved where enough creditors vote in favour.

Our Insolvency Practitioner will supervise your IVA and he is licensed and regulated under insolvency law as an insolvency practitioner.

In the event that an IVA is approved, the fees we charge for preparing, negotiating and administering your IVA are agreed with creditors and paid out of funds that you pay into the IVA that would otherwise be available to them. There are no hidden costs. If you think that an Individual Voluntary Arrangement (IVA) might be the right debt solution for you then simply call the Re10 Debt Advice Helpline to get access to our free advice service. One of our qualified debt advisors will help guide you through the whole process including:

• a review your current financial circumstances to confirm whether or not an IVA is appropriate for you
• providing information on all options and the pros and cons relating to each debt solution and their key features
• drafting your IVA proposals with a view to getting the best deal for you
• taking into account existing criteria used by creditors in assessing your proposals including budgeted income and expenditure guidelines
• where appropriate, meeting you to discuss the proposals and other debt options
• our licensed Insolvency Practitioner will act as your Nominee. He will convene the requisite meeting of creditors, obtain their votes and report upon the outcome as well as accept appointment as Supervisor

Getting in touch with an insolvency expert for free debt advice is as easy as picking up the phone. Call the Re10 Debt Advice Helpline on free phone 0800 169 1536