Individual Voluntary Arrangements (IVAs)

An IVA could help you become debt free within 5 years as well as giving you legal protection from further interest and charges being added to your debts. Payplan have 15 years experience providing IVAs for people with debt problems and do not charge up front fees.

Can a Payplan IVA help me?

Use the quick and simple form below or call 0800 917 7823 for free debt help and IVA advice

How Payplan propose your IVA

You will require the services of the Payplan Partnership's licensed Insolvency Practitioners to propose your IVA.

They will advise you and assist you with the entire IVA process. The Payplan Partnership's Insolvency Practitioners have been assisting debtors through the IVA process for over 15 years with a consistently high success rate and without the need to charge up front fees.

Stages of an IVA

The following highlights the stages of entering into an IVA with Payplan.

Stage 1

Payplan will assess your financial situation and, if feasible, put you forward for an IVA. One of Payplans licensed Insolvency Practitioners will need to "nominate" you for the IVA (this is simply part of the process and means they feel an IVA is an appropriate solution).

Stage 2

Payplan will then draw up your "proposals", based on the information you provide. They are your proposals and they allow you to put forward the best offer of repayment you can afford. The offer could be a lump sum amount or regular contributions usually for 5 years. The staff at Payplan will assist you every step of the way.

Stage 3

A copy of your proposals will be sent to each of your creditors, who are invited to vote to either accept or reject the proposals. If a majority of your creditors (at least 75% of the value of the total is in the form of an acceptance) vote in favour, then the IVA is approved and will be legally binding for all creditors (even those who may have refrained from voting or those who rejected the proposal).

Stage 4

Once your IVA is approved, you simply begin the agreed payments or pay the lump sum into the arrangement and all calls and letters from your creditors must cease.

Stage 5

Once the agreed payments have been completed the remainder of the debt will be cleared, leaving you debt free.

You could be debt free in 5 years

Contact Payplan or call us on freephone 0800 917 7823

Advantages and disadvantages of an IVA

The advantages of an Individual Voluntary Arrangement:

All interest and charges on your unsecured debts will be frozen.
Providing you keep to the terms of your arrangement, you will be protected from any further court action by your creditors. They will also be prohibited from sending letters telephoning you.
Once the individual voluntary arrangement is successfully completed your debts are effectively written off, providing you with a fresh start.
For anyone who does not wish to consider bankruptcy or cannot go bankrupt because of their job this can be an excellent option.
All unsecured creditors will be bound by the IVA.
Your contributions are based on your ability to pay.
Individual Voluntary Arrangements are not published in local newspapers, unlike bankruptcy.
It will not affect professions such as the Police Force and Armed Forces, neither will it affect your ability to hold public office or act as a company director.

The disadvantages of an Individual Voluntary Arrangement:

You will be required to stick to a budget for the term of the arrangement (usually five years).
All assets and liabilities must be declared, if you own assets of excessive value, the creditors can ask that they be released for the benefit of the creditors.
You may be required to make additional payments if you wish to exclude your property from the arrangement.
In some cases it may be necessary to release some of the equity from your property in the 4th year of the arrangement.
Any windfalls, inheritance or bonuses must be declared to the Supervisor of the arrangement.
All Individual Voluntary Arrangements are recorded on a public register and are likely to appear on your credit file.

Contact Payplan for further information on entering into an IVA

More Information on Individual Voluntary Arrangements (IVA)