An IVA is an Individual Voluntary Arrangement. It is one of the solutions to dealing with debt and is an alternative to bankruptcy.

An IVA allows you to take control of your debt by proposing a settlement to your creditors which, if agreed, is legally binding.

Settlement may be in the form of monthly contributions, usually for 5 years, a one off lump sum payment, for example, from a family or friend or the sale of property or a combination.  If an IVA is approved, once the agreed payments have been made, creditors will receive payment in full and final settlement of their claims.  The remaining balance is written off.

Everyone's circumstances are different and an IVA will not be the right solution for all.  It may be right for people with debts over £10,000 if they are in a position to make an offer of monthly contributions or a lump sum to creditors but it will not necessarily be suitable for everyone.

There are broadly two types of IVA, business and consumer:

Business IVA

A business IVA is for individuals who are self-employed or run a business as a sole trader or in partnership.  It may also apply to company directors liable under personal guarantees. 

Creditors could be a mixture of trade, HMRC, credit cards and loans.  An IVA would allow you to continue to run your business.  It is appropriate for businesses which are fundamentally good and profitable but are struggling to meet payments on historical debt.  All your debts whether incurred by the business or for personal use would be included.  Monthly contributions could be tailored to take into account seasonal and other fluctuations in income.

A PVA is a partnership voluntary arrangement and works the same way as an IVA but is specifically to deal with the debts of a partnership. 

If you are in business and think a voluntary arrangement could be for you, please contact Richard Hicken on 0117 3057670 or Jackie Stringer on 0117 3057642 for a free initial consultation. 

Already have an IVA with Grant Thornton?

It is most likely that it is now dealt with by Aperture Debt Solutions LLP

If your IVA was transferred to Grant Thornton and you have been notified that your Supervisor is either Amanda Wade or Kevin Hellard, jointly with Stephen Hunt of Griffins, please continue to contact the IVA team in Bristol on 0117 305 7600.

Consumer IVA

An Individual Voluntary Arrangement (IVA) is an agreement with your creditors to pay all or part of your personal debts. You agree to make regular payments to an insolvency practitioner, who will divide this money between your creditors.

Information on all of the available options to repay your debts can be found via the guidance issued by The Insolvency Service (England and Wales).  Free and impartial debt counselling services are available from other organisations and you can find out more by contacting the Money Advice Service.  You should be aware that details of entering into a formal debt solution will be entered on a public register and is likely to have an adverse effect on your credit rating.

Whilst we are a commercial organisation, we do not charge any up-front fees in respect of debt advice provided to you.  However, if you enter into an IVA via Grant Thornton which is approved by your creditors, we will receive payment from the amounts contributed by you. 

If we have given you a less than satisfactory service, we undertake to look into any complaint carefully and promptly and to do all we can to explain the position to you.  If you are still not satisfied, you may be able to take matters up with the Financial Ombudsman.

Contact Richard Hicken

0117 3057670

Email Richard Hicken
Contact Jackie Stringer Email Jackie Stringer