Individual Voluntary Arrangement (IVA)



If you are personally insolvent and owe more than you can afford to repay, you may think that bankruptcy is the only option.

However, this is not always the case and very often, at Hart Shaw, we are able to help our clients propose and agree an Individual Voluntary Arrangement “IVA” with their creditors.

An IVA is an alternative to bankruptcy and, in essence, it is a deal between you and your creditors. You pay what you can afford and at the end of the IVA your debts are written off and you come out of the IVA debt free.

Typically, IVAs last for 5 years and you will make monthly payments based on what you can afford. If you have a house with equity in it, you may be required to re-mortgage the house at the end of the IVA to release an agreed share of the equity. When an IVA is agreed interest is no longer applied to your debts and, therefore, the payments you make go towards reducing your debts.

As well as five-year IVAs, it is also possible to propose an IVA involving a one off lump sum payment. Such a payment will usually come from family and will enable the IVA to be completed in a matter of weeks.

In line with advice that we give all our clients and to those companies and individuals we are not yet working with: the sooner you act the better the outcome will be.


Call us free & confidentially on: 0800 068 6857
Hart Shaw LLP | Europa Link | Sheffield Business Park | Sheffield S9 1XU | chris@hartshaw.co.uk