If an individual voluntary arrangement (IVA) is the most appropriate solution to your debt problem, we can provide a full IVA management service for you through CCCSVA, our voluntary arrangement company.
IVA information
An IVA, or individual voluntary arrangement, is a legal procedure designed to help people with unsecured debts of £15,000 or more.
Arranging an IVA
An insolvency practitioner (IP) arranges an IVA on your behalf. After assessing your finances, they will send an IVA proposal to your creditors. The plan will be based around you making monthly payments towards your debt over a fixed period, which is usually 5 years. In certain circumstances there may also be a lump sum to pay towards your debts.
Your monthly payments are calculated on the basis of what you can afford once your essential living expenses have been accounted for. At the end of the 5-year period, any remaining debts are written off.
Creditors representing 75% or more of the total debt must approve the plan if the IVA is to go ahead.
Managing an IVA
Since setting up CCCSVA in 2007, we have had a very high success rate with our IVA proposals. Figures for 2010 show that creditors accepted 98.5 percent of the IVAs we proposed.
This success confirms that we only recommend IVAs when they are the most appropriate debt solution available for our clients.
Advice on IVAs
If you want to know if an IVA is the best solution to your debt problem, you can get free, impartial IVA management information and advice from CCCS. Our online debt counselling service, CCCS Debt Remedy, can tell you if an IVA is suitable for you and, if it is not, recommend a more appropriate debt solution.