Individual Voluntary Arrangements
Individual Voluntary Arrangements
If you are facing financial difficulties and not sure how to regain control of your situation, an Individual Voluntary Arrangement (IVA) could be the best solution for you. An IVA is a formal agreement between you and your creditors that requires you to make reduced payments towards the total amount of your debt in order to pay off a percentage of what you owe. An IVA is legally binding and freezes interest, giving you the best chance of regaining control of your finances. After approximately 5 years your debt will be classed as settled.
Due to its formal nature, an IVA must be set up by a licensed insolvency practitioner - such as one of the experts in our turnaround and recovery team. After familiarising themselves with your situation, one of our advisors would prepare a fair and realistic proposal, in which:
- a full disclosure of your assets and liabilities is made;
- the creditors are guaranteed a higher return than if you were declared bankrupt; and
- you will be guaranteed confidentiality and assurance that you will retain control of your assets.
If you have debts of less than £20,000 please click here
If your debts are in excess of £20,000 we will perform a free review of your financial situation. We would like to discuss this with you, but before we do, it would aid our understanding of your situation if you could provide us with some information about you and your financial affairs on our Personal Information Questionnaire. Please complete and return the form to p.fletcher@uhy-uk.com. Once we have received your completed form we will contact you and discuss the options available to you. If the situation is desperate please call on 0207 216 4601 to speak to our experts in the South, and 0161 234 8968 to speak to our experts in the North.
Debt is not pleasant. It can cause stress and may impact upon your health and on your relationships at work and at home. Once advice is sought the burden can begin to ease.
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