Voluntary Arrangements › Individual Voluntary Arrangement (IVAs)
Consumer debt is on the increase, resulting in more and more people looking for alternatives to bankruptcy as a way of solving their debt problems. Currently, the alternative chosen most frequently is the Individual Voluntary Arrangement or IVA.
An IVA is a legally binding agreement between an individual and his or her creditors, through which the individual's debts can be settled. These may be creditors such as the bank, credit card companies or finance companies, etc.
Carrick Read Insolvency will assist in assessing your financial situation free of charge. If an IVA is feasible, one of our licensed insolvency practitioners will be happy to assist you with the preparation of your IVA proposal. This could, in some circumstances, be a proposal to pay one affordable monthly payment over a fixed period of, say, 4 or 5 years.
Carrick Read Insolvency will send the proposal to all your creditors who will vote either to accept or reject it. If sufficient creditors vote to accept it (at least 75% of those who vote is required), then the IVA is approved and will be legally binding on all your creditors, including any who may have rejected the proposal or not voted at all.
Once your IVA is approved and set up, none of the creditors bound by it will be able to contact you personally about the debts, but instead must lodge a claim with the insolvency practitioner supervising the IVA.
If you wish to make further enquiries about the possibility of proposing an IVA to your creditors then please complete the following questionnaire. Alternatively telephone Jonathan Lupton on 01482 211160 who will be more than happy to speak to you and if necessary send you a questionnaire for completion.
