What does mean by Individual Voluntary Arrangement?

Submitted by robertsmith on Sun, 10/11/2009 - 16:33

What does mean by Individual Voluntary Arrangement?

I would think that it is a payment arrangement or an agreement that you enter into voluntarily. If it is with a creditor then it may be a payment arrangement. Hope this helps.

Mon, 10/12/2009 - 01:28 Permalink

Hi Robert..hope this helps:
An Individual voluntary Arrangement (IVA) is a formal agreement between you and your creditors where you will come to an arrangement with people you owe money to, to make reduced payments towards the total amount of your debt in order to pay off a percentage of what you owe then generally after 5 years your debt is classed as settled.
This is usually set up by an insolvency pratictioner (IP)

Mon, 10/12/2009 - 01:28 Permalink

An Individual Voluntary Arrangement has a fixed term of 5 years after which the debtor is considered debt free, even if they have not paid back all the money they owed at the beginning of the IVA.

Fri, 10/23/2009 - 17:01 Permalink

Advantages of Individual Voluntary Agreement are-

1) It stops interest being charged on the debts.
2) It stops late payment charges on the debts.
3) It is a fixed term of 5 years.
4) It also stop the creditors being able to take legal action against the debtor too.

Fri, 10/23/2009 - 17:04 Permalink
The mom (not verified)

Is this something that I can offer to the collection agencies, or is this something they need to offer to me?

Sat, 10/24/2009 - 03:07 Permalink

Individual Voluntary Arrangement is legally binding agreement between the debtor and their creditors. It was introduced as part of government legislation to help those who are struggling to repay unaffordable debts and offers a way to avoid bankruptcy implications.

Please contact our Individual Voluntary Arrangement team directly on 0800 048 1766.

Sun, 11/15/2009 - 11:24 Permalink
crorkz matz (not verified)

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Tue, 08/05/2014 - 18:50 Permalink