IVA | Individual Voluntary Arrangement

What is an IVA?

An Individual Voluntary Arrangement (IVA) is a solution available to people who are suffering with large amounts of debt and are struggling or unable to keep up any repayments due to circumstances such as, illness, unemployment, bereavement, divorce, separation, demotion or any other changes in circumstances. Sometimes the debt levels are just too much and they have spiralled out of control. Financial problems are very common in todays society.

It is an alternative to bankruptcy. It is an agreement between the debtor (you) and the creditors (your unsecured debts) to pay off a percentage of their debt over a given period of time (normally 60 months). An Insolvency Practitioner (us) is required to set up and negotiate the IVA with the creditors. An IVA is a completely legally binding process governed by The Insolvency Act 1986.

Every IVA is unique and individual. It depends on your employment status, income, expenditure, amount of unsecured debts, number of creditors and even your current situation regarding your everyday living. Repayments to the creditors are established by analysing all these factors and coming to a legally binding contract/agreement on the monthly repayments. The IVA will be successful if more than 75% (by debt value) of the creditors involved agree to the terms of the arrangement.

See our IVA FAQs for more information on IVAs.

Is an IVA the right Choice for me?

An IVA may be the right choice for you if the following criteria applies to you:
  • You have debts over £15,000
  • You have a surplus income each month (after all your essential living expenses), excluding any creditor payments (your new payment will include all your unsecured creditors)
  • You have 2 or more creditors (people you owe money to).

1: If the above sounds similar to your situation... then don't wait. Do something about it as soon as possible and get in Contact with us.

2: If the above doesn't sound like you... then feel free to contact us for some free advice on what other debt solutions or debt management plans may be suitable to you.
* We do not charge for any advice we may offer, so there is no need to hesitate with your enquiry.

Fees for IVAs?

1: The fees for an IVA are all set by the creditors (no matter which provider you use), so if your IVA application is successful, the only thing to worry about is whether you have chosen the right Insolvency Practitioner.

2: All fees are taken out of your affordable monthly payment so you will never be asked for additional fees or receive a bill from us.

3: We are the longest established IVA provider in the UK and have thousands of happy clients. We also have one of the highest success rates in the industry.

4: We have 6 full time highly regulated Insolvency Practitioners giving us a wealth of experience and knowledge (most other providers have just 1 or 2), so we have probably seen all possible circumstances. If we cannot provide you with an IVA no one can.

Call us now on 0800 043 3328 or read on to find out more....

How does McCambridge Duffy's IVA service work?

Step 1: When you contact us we will run over your situation with you.

Step 2: We will then, with your agreement, start work on your IVA case. Our Insolvency Practitioners will nominate your case, meaning that they think an IVA is the best solution for you and that there is a high likelihood your creditors will accept your IVA.

Step 3: Once this is done your proposal will be drawn up based on your information. These enable you to offer the best form of repayment that you can.
An IVA is normally made up of 60 monthly payments, but could be a lump sum IVA, depending on your circumstances.
At McCambridge Duffy we will be there for you throughout the duration of your case so if you have any questions at any stage just call your case officer.

Step 4: Once all has been agreed with you, a copy of your proposal is sent to your creditors. We then gather their votes to accept or reject the proposal.
If more than 75% (by debt value) accept, then your IVA is approved, and your payments can begin with your confirmation. It's as simple as that. If you decide to proceed, we will contact all of your creditors and arrange your new payment terms with them. We will remain with you at every stage throughout your IVA, should you need to contact us.

All communication with your creditors can be done through us.
You will not be pressured into any solution, which does not suit you. Anything discussed is done so in total confidence, is a free service and is with no obligation.

Advantages of an IVA
Debt free in 60 months 1 easy monthly payment
All interest frozen No up front fees
Tenants welcome Protection from creditors
Quick response turnaround Creditor pressure stopped
 

Can we help with your debt problems?

To find out if McCambridge Duffy can help you regain control over your finances before matters are taken out of your hands, or to find out if you qualify for an IVA, simply get in touch via one of the methods below...