What is an Individual Voluntary Arrangement?

An Individual Voluntary Arrangement is an insolvency solution in the UK (For Scotland please click here) that can allow you to be debt-free in just five years paying what you can afford, and the rest is legally written off.

An Individual Voluntary Arrangement is a legally binding agreement which once in place cannot be broken by the creditors or the debtor(you). The Individual Voluntary Arrangement once approved will stop legal action and contact from creditors unless the plan fails.

An Individual Voluntary Arrangement can offer benefits such as stopping creditor action, creditor contact, court action, legal action from creditors, freezing interest or charges, stopping debts snowballing, writing off unaffordable debt, consolidating debt into one affordable plan and only having to pay an affordable amount each month to be debt free in five years.

An Individual Voluntary Arrangement can also offer various downsides such as affecting your credit file for up to six years, you can only get up to £500 credit whilst in the solution and may affect your job if part of the terms and conditions you cannot do an Individual Voluntary Arrangement in your employment terms, if you own your home you will not be able to remortgage during the plan also.

It is important you run any concerns or questions by us before making the decision.

Your Expert Group, scottishtrustdeed.help, River Insolvency,  ivahelper.co.uk are trading names of YEG Insolvency Limited which is Authorised Representative (FCA Number 987650) of Secure Financial Management Limited which is regulated by the Financial Conduct Authority.

Free and impartial help with money – MoneyHelper

Secure Financial Management Limited’s FCA number is 550186. You can confirm this by checking the financial services register by visiting the FCA website www.FCA.org.uk?register or by contacting the FCA on 0800 111 6768. The registered office is 89 West Regent Street, Glasgow, G2 2BA. Registered in Scotland company no: SC393839. Registered with the ICO under the Data Protection Number ZA328512

Donna Forey is Licensed to Act as an Insolvency Practitioner in the United Kingdom by the Institute of Chartered Accountants of Scotland.

A formal debt solution may not be suitable in all circumstances. Fees apply. Your credit rating may be affected. 

*Debt examples are subject to creditor acceptance, payments are subject to individual circumstances, credit may be affected. Fees may apply.