Are you struggling with an Individual Voluntary Arrangement (IVA) and unsure of your obligations?



Here's what you need to know about IVAs:

An IVA is a formal debt solution for those who are insolvent, unable to pay debts. After seeking advice, you'll work with an Insolvency Practitioner to create a proposal, detailing your debts and proposed repayments.

Creditors may request modifications to your proposal, which are conditions for their agreement. A "Chairman’s report" summarises creditor decisions.

Annually, your financial situation is reviewed, potentially adjusting payments. If you can't afford payments, discuss options with your Insolvency Practitioner promptly.

Changes in employment, like redundancy or bonuses, affect IVA terms. Windfalls and property ownership also impact repayments.

For expert guidance on IVAs, our friendly team at Simple Liquidation is here to guide you through the process. Call our team on 0800 246 5895 or email us at [email protected].