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Individual Voluntary Arrangement (IVA) What is it?

An Individual Voluntary Arrangement (IVA) was first introduced by the government in 1986 to help people struggling to pay back their unsecured debt.

It is a legal agreement between you and your creditors to pay back what you can afford, with the remaining debt written off at the end of the agreement. It can give you more control of your assets compared to bankruptcy and normally only lasts for 60 months.

Currently in the UK you cannot setup or do an IVA without the assistance of a licensed Insolvency Practitioner (IP)

Unsecured Debts An IVA Can Deal With Who do you owe?

Overdrafts, credit cards, store cards, charge cards, catalogues, pay day loans, unsecured loans, doorstep loans, credit unions

Unsecured debts that have a CCJ or attachment of earnings in place
Arrears from utility supplies from previous properties, previous suppliers e.g. gas, electricity, water
Council Tax (previous years and current year if in arrears)

Debts that were previously secured against an asset that has been repossessed – shortfalls on vehicle HP and Properties HM Revenue and Customs VAT, PAYE, Self assessed tax, National Insurance Debts to friends or family Arrears from service providers from previous properties, previous suppliers e.g. digital TV, mobile phones, landlines Unsecured debts that have a CCJ or attachment of earnings in place
Arrears from utility supplies from previous properties, previous suppliers e.g. gas, electricity, water
Council Tax (previous years and current year if in arrears)

Qualify Now

Let's Start

So whats
The Process?

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Firstly complete the online form, then have a chat with one of our expert IVA advisors to see if an IVA is your best option or would another debt solution get you debt free sooner.

Yourself and the IVA expert will go over your financial situation to workout what you can realistically afford to pay towards your debts each month, after giving priority to your normal household living expenses.

We will then put your case together and send it over to the IP's team (Insolvency Practitioners) who will draft your proposal and send to your creditors. The majority of your creditors then have the option to vote in favour of your proposal.

Once all parties agree to your IVA, it becomes legally binding and you can start your new affordable monthly repayments. After 60 months (usual term of an IVA), you are free of your debts and any remaining unpaid debt is legally written off.

Have a Question?

Get a answer from real expert

Here is a
Break Down of Mike & Jo's IVA

Total joint unsecured debt £14,300 owed between 8 creditors

Struggling with debt repayments totalling £476 per month

Qualified for an IVA & the new repayment is only £90 per month

The total debt paid back over the 60 months is only £5,400

With the IVA over 60% debt written off & monthly payment reduced by over 70%

* Example is for illustration purpose only. Your IVA will vary based on your financial circumstances

So what are you waiting for...?

Viking Global Financials's partners are fully licensed and authorised by FCA (Financial Conduct Authority.) Advice is provided after completing or receiving an initial fact find where the individual(s) concerned meet the criteria for one of their insolvency solutions, therefore, all advice is given in reasonable contemplation of an insolvency appointment. They provide insolvency solutions to individuals throughout the UK. They do not administer or provide advice solely relating to debt management products, such as Debt Management Plans. They provide a free consultation to determine your suitability and will refer you accordingly. Registration No: 11428631. Registered Address Viking Global Financials, 182 Cranbrook Rd, Cranbrook, Ilford IG1 4LX