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Individual Voluntary Arrangements

Considering an IVA? If you feel it could be the best option for you, we can help guide and support you through the process.

If you would like to speak to our team of specialists please call 0333 323 5292, email us at or use our online contact form here.

What is an Individual Voluntary Arrangement?

An Individual Voluntary Arrangement (IVA) is an attractive alternative to bankruptcy for debtors who are able to offer deferred payment to their creditors, either through future payments from the debtor's income or the future sale of property.

Are You Considering an Individual Voluntary Arrangement?

A solution to debt that aims at giving the opportunity to pay back money owed over a period of time, an IVA is formal and legally binding, and must be implemented by an insolvency practitioner.

There are reasons for and against entering into this form of debt repayment arrangement and, as a result, making the decision to do so should be done after careful consideration and understanding.

About Individual Voluntary Arrangements

There are many debts that can be covered within the IVA, which include credit cards, bank and personal loans, store cards, utility bills and tax demands.

There are no minimum or maximum limits to the amount of debt you can include in an IVA.

To be approved, you will need to have income to spare each month in order to pay your debts, but there will be a certain amount of flexibility as to how much the repayments might be.

You must have a regular job, with reliable income, and re-mortgaging your home may be necessary in order to raise a lump sum to put into the IVA. Assets may be sold for this purpose too.

What Are The Consequences of an Individual Voluntary Arrangement?

In most situations, no impact will be made on your job by an IVA, but certain professions, such as accountancy, may hold some restrictions.

Assets and personal possessions will be unaffected, although expensive items can be sold in order to make a lump payment. If you wish to keep certain assets, this must be discussed and taken into account at the initial proposal stages.

Any future assets or money such as inheritances, won or gifted money or that made from a property sale may be taken into account and may have to be paid into the IVA.

The Team

We regularly advise individuals and supervisors of voluntary arrangements on the preparation of the IVA proposals. Prior to the proposal being submitted to a creditors' meeting, we can advise on the structure, liaise with creditors to establish whether they support the proposed terms, and thereby advise on the likelihood of the proposal being approved.

Our large team of over 280 passionate experts, based at offices in Sheffield, Leeds and York, work tirelessly to provide a service tailored to your individual needs in order to guarantee your comfort and security.

Lupton Fawcett’s director, Nigel Whitfield, has over forty years of experience and is particularly renowned and highly respected for his knowledge and experience of many aspects of law.

Contact Us For Help

We provide advice on a wide range of legal issues to clients around Yorkshire from our offices in Leeds, York and Sheffield. For an initial discussion on the specific details of your case, contact our solicitors today using the details below.

Get in Touch

With Lupton Fawcett on your side, you're taking control. Contact us today.

Enquiry Form

Please complete this form to make an enquiry and we will get back to you as soon as we can.

Remember you can still call us on 0333 323 5292 or email us at

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