Individual Voluntary Arrangement

  If you have unsecured debts of more than £15,000 and are looking to clear them, an Individual Voluntary Arrangement plan (IVA), or a PTD in Scotland, may be an option for you to consider. An IVA plan is one of only two debt solutions that can write off part of your debt, with the other solution being bankruptcy. Harrington Brooks can arrange IVA's through our specialist Insolvency Practice, One Advice.

An IVA is a repayment plan over 60 months that is negotiated between you and your creditors. It is basically a formal legal agreement between both parties and both yourself and the creditors are bound by this.

The benefit of an IVA is that the debts you have not repaid at the end of this 60 month term are completely written off. Also, any creditors you may have will be unable to make any claims against assets such as your property, and, the original debt will not incur any further interest and charges.

All you need to do is make continued monthly repayments as set out in your IVA agreement. This will ensure that your creditors can take no further legal action against you.

An IVA is a legally binding agreement therefore, before making arrangements to sign this contract you must be completely confident that you can both afford and will continue to make the monthly payments. Your insolvency practitioner will work with you to determine what amount you can afford to repay each month.

 

If you would like to apply for an IVA please complete the application form and one of our advisors will contact you.

To find out what solutions Harrington Brooks can offer you why not take a few moments to complete the Debt Test. Alternatively, you can contact us for more information on an IVAs by calling 0808 131 0040



Click here to complete the application form.

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Testimonials

“I never thought that I would ever become debt free, it seemed like an impossible dream. But thanks to Harrington Brooks getting me sorted with my IVA program, I am only 6 months away from that. Time really has flown by, and I have been guided by the experts. I just wish I would have called sooner.”

Mr McS, Brighton

“I got in touch with Harrington Brooks when my life was at an all time low. I had been through a bad divorce and I had huge debts mounting from every possible angle. Life was not good. I knew that I had to do something about it, and fast but didn’t know where to turn. I called Harrington Brooks and talked about getting a debt management plan. However because my debts were so high I was told that I was able to write off most of my debts. This was without having to declare myself bankrupt. Now my IVA has just been approved and I am now on the way to become debt free, thanks to the professionalism and expertise at Harrington Brooks.”

Mr L, Newcastle