Guidance from IVA advisors on your Individual Voluntary Arrangement options
You can take advantage of business rescue – even if you’re self-employed or a partnership. Our IVA advisors’ approach is exactly the same in all situations. We listen to your challenges and take time to understand your aspirations for the future. Then we’ll work with you to create a plan that could help you meet your goals.
The Individual Voluntary Arrangement process is similar to a Company Voluntary Arrangement (CVA) but specifically for the self-employed and partnerships.
What is an Individual Voluntary Arrangement?
An Individual Voluntary Arrangement (IVA) is a contractual agreement between you and your creditors, agreeing new payment terms for your outstanding debts to them. It’s also a preferable alternative to bankruptcy.
As well as rearranging your debts, an IVA will buy you precious breathing space to create a business rescue plan. Together, we’ll look at what’s working for you and what’s not. What the most pressing commitments are and what can be dealt with a little later. It’s a holistic plan of action that tackles the present challenges and prepares you for the future.
As part of this process, we’ll work with you to tackle your finances. Together we’ll work out what can be offered to your creditors to make an IVA worthwhile for them. The next step is for us to put together a proposal stating the ‘pence in the £’ offer and highlight why an Individual Voluntary Arrangement has been chosen over bankruptcy.
To take the pressure off you, we’ll organise the necessary meetings and paperwork for you. If your proposal is accepted, then our role turns into a supervisory one. We perform regular reviews throughout the year and produce an annual report, where the distributions will be made to creditors.
We provide free IVA advice and no-obligation consultations.