An IVA or individual voluntary arrangement is an agreement, set up by an insolvency practitioner, that allows someone to pay back creditors in agreed amounts over an agreed period of time. This is an arrangement between an individual and their creditors that is approved by the court and the creditors.
An IVA - individual voluntary arrangement - is an alternative to bankruptcy. It is a legally binding contract between a debtor and their creditors.
You can enter into an IVA even if you’ve already been made bankrupt, and if you are self-employed and your business is viable, you can continue to trade.
We will provide a no-charge review of your financial affairs so that together we can decide what you can realistically pay back each month. If an IVA is the most appropriate course of action then we will recommend a formal proposal to your creditors.
If the proposal is approved your debts will be frozen and no more interest or charges can be made against you. Provided you maintain payments, your unpaid debt will be written off at the end of the IVA, which normally lasts for 60 months.
An IVA may be suitable if you:
IVAs can be suitable and successful for self-employed individuals. We help you prepare cashflow forecasts to ascertain whether an IVA is suitable.
If HM Revenue & Customs (HMRC) is a creditor, we can assist you with submitting overdue tax returns and negotiating with HMRC. HMRC has a specialist department dealing with IVA proposals and has a track record of supporting them.
An IVA protects your property from any legal action being taken by your unsecured creditors, but you do remain responsible for your mortgage and/or any loan secured over your property.
In most circumstances, an IVA will require your property to be revalued in the fifth and final year and for the equity to be calculated. You will only be expected to make the equity available to your creditors if the equity is greater than £5,000 and/or you can obtain a re-mortgage of less than 85% loan to value.
If you cannot secure a remortgage, the duration of the IVA can be extended by 12 months to allow monthly payments to be made in respect of the equity.
We can also help with negotiations if you are a tenant and have rent arrears of landlord concerns.
We know the stress that debt can cause and offer you bespoke advice and a personal IVA support service. We will look after your IVA from start to completion in a professional manner, and ensuring it runs as smoothly as possible.
We give a free, no obligation initial consultation. If an IVA is suitable and you appoint us to manage it for you, our typical charge for acting as your Nominee is £3,000, which is paid from the contributions you make into the IVA. The Supervisor is usually paid a percentage of realisations, typically 15%, although he may be paid on a fixed fee or time and costs basis.
If you want honest and clear debt advice and are thinking of using an IVA to avoid bankruptcy, speak with Jeremy Frost.
The above video will hopefully answer any questions you may have about IVA's, but as this is such a personal issue to you, perhaps you would find it more beneficial to have a brief chat on the telephone or perhaps a face to face meeting. Whatever, you decide, you can be assured you are dealing with professional regulated Insolvency Practitioners who will take you and your debt problems seriously. All phone calls and initial meetings are in confidence and are free of charge.
We are one of the few Insolvency Practices to hold FCA - Financial Conduct Authority regulation which means we are authorised to assist you with dealing with your personal debts outside of a formal insolvency procedure. Not all Insolvency Practitioners are regulated to do this and we are proud to uphold the robust standards required of us by the FCA.
If debts are taking over your life we can negotiate with your creditors to reduce monthly payments to amounts which you can afford. Our informal arrangements are not debt management plans and all initial advice is free and completely confidential.
We have built up an excellent rapport with credit providers and are often able to get your interest and charges frozen, and depending on your circumstances, some of your debt can be written off too. There are no upfront costs.
Most importantly we can help you manage your debts without the need to add to them with another loan. Once we get your finances back in order, you will be able to get your life back in order.
Our informal arrangement service is available nationwide from our offices in Croydon and London. We take pride in offering bespoke and professional advice and know the damage and stress that debt can cause.
Our team member below will be able to help with all your questions
CEDR Accredited Mediator & Licensed Insolvency PractitionerContact
At Frost Group, we want to make things as easy as possible for you. That is why, if you can’t come to us, we’ll come to you. We operate face to face, nationwide meetings, wherever is most convenient for you.