With an increase across England & Wales of people facing financial hardship, Farleys and our dedicated insolvency team have extensive experience in this area and are here to provide advice on the various options available.
What is an Individual Voluntary Arrangement?
An Individual Voluntary Arrangement (IVA) is an agreement between a debtor and their creditors to allow them to settle their outstanding debts. This gives a debtor the protection and chance to repay their debts in a more manageable way.
Unlike informal debt management plans an IVA is a legally binding agreement between you and your unsecured creditors.
To qualify for an IVA you must:
- Be a resident in England or Wales;
- Be employed or self-employed;
- Owe money to three or more creditors; and
- Have unsecured debt amounting to more than £20,000.
In most cases, an IVA is a much more preferred option to bankruptcy for a debtor and their creditors, as it can give a better return; doesn’t require Court action and gives a debtor a better chance at paying back their debt.
Farleys acts for both debtors and Insolvency Practitioners in respect of IVAs and therefore we have a breadth of experience to put you in the best place possible with your IVA.