How does an Individual Voluntary Arrangement (IVA) work?
Summary:
An IVA is a genuine and viable alternative to bankruptcy.
IVA's are ideally suited to unsecured debts over £15,000, and your client can potentially write-off a proportion of their overall debt.
An IVA proposal is prepared by a licensed Insolvency Practitioner, who will suggest what contributions can be made based on the individual’s ability to pay. All of the creditors will then meet to decide whether they accept or reject the proposal. If the majority of the creditors accept the terms of the proposal, then it becomes binding on all creditors even if they voted against.
- Ideally suited for unsecured debts over £15,000
- Potentially write-off a percentage of your clients' overall debt
- Your client can be debt-free within 3-60 months (their credit record will be affected for up to 6 years)
- Allow your client to safeguard their house and car
- Avoids the consequences of bankruptcy
Learn More
3 IVA options are available to your clients.
The information contained within this website is for the guidance of financial intermediaries only and is not intended for members of the public. None of the information contained within this website is to be used to indicate a willingness to enter into any transaction to which the details relate. TCF Debt Solutions (UK) Limited is licensed under the Consumer Credit Act.
TCF Debt Solutions (UK) Limited, registered trading address is at 7 Millbank House, Riverside Business Park, Bollin Way, Wilmslow, Cheshire, SK9 1BJ. Registered company number 06369574.