Individual Voluntary Arrangements

If, as an individual, you owe more than you can afford to pay back, you can use an Individual Voluntary Arrangement or IVA to make a proposal to your creditors (the people you owe money to) and reach a settlement about how much of the debt you will repay, and over what period.

An IVA gives individuals an alternative to bankruptcy and can offer benefits both to the individual and the creditors. It can help prevent your house from being sold. If you have a debt problem, an IVA will allow you to write off a chunk of the debt (up to 75 per cent) and pay off the remainder by way of a single reduced monthly payment for up to five years. Or if you have surplus assets these can be realised and paid into the IVA to reduce your debts.

Once the IVA has been agreed, there can be no further interest or charges added to the debt. You avoid the stigma and publicity of bankruptcy and what you pay in is based on what you can actually afford.
For the creditor, the IVA represents a realistic way of realising a better return on the debt than they would see from a bankruptcy.

IVAs are increasingly popular as a way of resolving personal debt problems. Marshman Price are experts in advising, setting up and supervising IVAs, and have helped many people to resolve their financial problems in this way. To find out more on a no-obligation basis about how an IVA could help you, just pick up the phone and call Marshman Price on 0800 082 8898 to speak to an expert who is friendly, knowledgeable and helpful.