An individual voluntary arrangement (IVA) enables you to take control of your debt by agreeing a legally binding settlement with your creditors.
Settlement may be in the form of monthly contributions, usually for five 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, completion of agreed payments will be considered full and final settlement of their claims, with the remaining balance written off.
An IVA is not be the right solution for everyone. It may be right for people with debts over £10,000, if they're in a position to make an offer of monthly contributions or a lump sum to creditors.
There are broadly two types of IVA, 'consumer' and 'business':
A consumer IVA is for personal debts. You agree to make regular payments to an insolvency practitioner, who'll divide this money between your creditors.
While we're a commercial organisation, we don't charge any up-front fees for debt advice provided to you. If acting as an intermediary between you and your creditors for an IVA, we would take some fees from your payments.
We'll always look into any complaints about unsatisfactory service, but if you're still unhappy you also have the option of referring your concern to the Financial Ombudsman
You can find information on all options for resolving debts in England and Wales from the Insolvency Service. Free and impartial debt counselling services are available from other organisations, including Money Helper. If you enter into any formal debt solution your name will be added to a public register and may adversely impact your credit rating.
A business IVA is for self-employed individuals, sole traders, or partnerships. It may also apply to company directors liable under personal guarantees. It allows you to continue running your business, and is only appropriate for entities that are fundamentally good and profitable, but struggling to meet payments on historical debt.
Creditors could be a mixture of trade, HMRC, credit card companies or other lenders. All your debts business and personal debts would be included in it. Monthly contributions can be adjusted to account for 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.
Do you already have an IVA with Grant Thornton?
If your IVA originated with us, it's likely that it's now with Debt Movement. Please email client email@example.com.
If your Supervisor was Richard Hicken or Michael Gerrard, please email firstname.lastname@example.org.
If you've been notified that an IVA previously with another firm is now with us, it's likely that your Supervisor is Amanda Wade and Jackie Stringer. If this is the case please email email@example.com.