Individual Voluntary Arrangement
And Bankruptcy Advice

Debt Management Companies
Student Money Guide
Debt Settlement
Apply For IVA
How To Go Bankrupt
Government Debt Solution
How To Negotiate Debt
Borrow Money/Loans
Home Budgeting Software
Free Budget Worksheets
Online Gambling Debts
National Debt Helpline
Direct Payday Lenders

To Advertise On This Site Please Contact Us

Debt Negotiation Guide:

Stage One
Contact Creditors

Stage Two
Prioritise Creditors

Stage Three
Financial Statement

Stage Four
Make Offers

UK Debt Help: Get Debt Help with 123 Debt Solutions

Popular Pages:

Debt Management:

How Do I Consolidate My Debts

Debt Consolidators

Debt Management Firms

Debt Management Counselling

Free Debt Management Plan

Debt Management Programme

Debt Management Helpline

Debt Management Schemes

Consumer Debt Management

Online Debt Management

How Can Debt Management Help You?


How To File Bankruptcy

Bankruptcy Rules

Bankruptcy Questions

IVAs And Trust Deeds:

IVA Debts

Individual Voluntary Arrangement Bankruptcy

IVA Or Bankruptcy


Information On IVA

Individual Voluntary Arrangement UK

IVA Debt Solutions

Debt Advice IVA

IVA Debt Solution

IVA Credit

IVA Insolvency

IVA Remortgage

What Is IVA

Scottish Trust Deeds

Trust Deeds Scotland

General Debt Advice:

Self Help Debt

Write Off Debt

Debt Written Off

Sample Settlement Of Debt Letter

Free Sample Letters To Creditors

Bailiffs And Council Tax

County Court Claims

Debt Limitations

Mortgage Shortfalls

Money Saving Techniques

Christian Debt Solutions

Government Debt Advice

Government Debt Management

Unclaimed Money For Free

Scottish Debt Advice

Debt Specialists

Clear My Debt

Free Printable Budget Worksheets

Personal Financial Statement

Doorstep Loans

Do It Yourself Debt Negotiation

123 Debt Solutions Reviews

Approved Debt Solution

Payday Loans

3 Month Payday Loans

Compare Payday Loans

Instant Payday Loans UK

Online Payday Advances

Payday Loans Lenders

Payday Loans No Credit Checks

Payday Loans With Bad Credit

UK Payday Loans

Urgent Payday Loans

Help To Consolidate Payday Loans

Private Bad Credit Lenders

Individual Voluntary Arrangement Or Bankruptcy?

Go Straight To The List Of Recommended
IVA Specialists

Individual Voluntary Arrangement And Bankruptcy

An individual voluntary arrangement, or IVA, is a formal agreement that was set up originally to provide UK businesses with an alternative to filing for bankruptcy. That was about twenty five years ago and it has proven so successful that it is now a commonly used solution for dealing with very serious consumer debt situations that may otherwise have resulted in bankruptcy.

Bankruptcy is a very serious step and involves the complete loss of control over all of your assets (including your home, insurance policies and any pensions you have). As well as everything you have falling under the control of your Bankruptcy Trustee, you are not allowed to set up any kind of business in any name other than that in which you became bankrupt and if you are self employed your business will almost certainly be closed. You cannot apply for more than £250 worth of credit and the fact of your bankruptcy will remain on your credit rating for a period of six years.

One of the main reasons people have for wishing to avoid bankruptcy is the stigma that comes with it. The fact that you are bankrupt has to be posted in newspapers, so it is impossible to keep secret. Some of the main advantages of an individual voluntary arrangement over bankruptcy are that other people do not have to know as you do not need to declare it publicly and you get to have more say in the disposal of assets and which ones are included in the agreement. This means that you are far less likely to lose your home with an individual voluntary arrangement that you are with bankruptcy. You can also carry on running a business if you have one.

Individual Voluntary Arrangement – Bankruptcy Alternative

An individual voluntary arrangement is a legally binding agreement that allows you to make regular payments towards your debt for a period of usually five years, after which you become free from debt and any debts not fully repaid are written off. You creditors then have no legal recourse to pursuing you for any unpaid debt.

It is a less drastic step than bankruptcy, though it is still a serious step to take. It is usually the only real alternative to bankruptcy for situations where the amount of your debt and the income you have mean that you just cannot afford to repay what you owe. Your situation would be such that you would not be eligible for a debt management plan, as that would depend on having enough income to make reasonable payments towards your debts.

An individual voluntary arrangement is not available to anyone who wants it on request. Your situation does have to be very serious, which would normally mean that your only alternative would be to declare bankruptcy. To be eligible you would need to have unsecured debts to at least two or three different creditors for at least £15,000.

Benefits Of An Individual Voluntary Arrangement Over Bankruptcy

Individual Voluntary Arrangement Bankruptcy - Conclusions

The most important thing is to take proper advice before filing for bankruptcy, as it is a very serious step with long term consequences. You are fortunate in the UK to have a good alternative in the IVA and the most sensible step is to approach several good debt help organisations that will be able to assess your situation and tell you whether you are eligible for an IVA and whether it would be better for you or not.

Approaching a debt management company is easy, but you do need to take care to apply only to reputable ones, as people with serious debt problems can ill afford to be given poor advice or taken advantage of by less than reputable companies. Apply online to a few good companies and they will each contact you to go through your situation in detail. When they have assessed your circumstances they will get back to you with advice and perhaps a proposal for dealing with your debts. You are committed to nothing and should compare a few proposals before deciding what is best for you.

You can find a list of reputable IVA Specialists on the main IVA page of this website.

Alternatively, you can apply for debt help now using the form below. This will go to one of our most highly recommended debt help companies, who will then contact you very quickly.

Apply For UK Debt Help Now

Complete This Simple Online Form For A Free Review By An Advisor From Our Recommended Debt Company, 123 Debt Solutions

Just submit the form and an advisor will get straight back to you

You Can Use This Form To Apply For Debt Management Plans, Debt Consolidation Loans,
IVAs or Trust Deeds

Whatever the nature of your debt problem, it is worth checking to see which solution could work for you.

Please Only Submit If You Are A UK Resident

protected by copyscape

Your home may be repossessed if you do not keep up repayments on a mortgage, loan or any other debt secured on it. Think carefully before securing other debts against your home.