Individual voluntary arrangement (IVA) - Practical Law

Jul 26, 2019
Legal

About Individual Voluntary Arrangement (IVA)

An Individual Voluntary Arrangement, commonly known as an IVA, is a formal legal agreement between an individual and their creditors. It is a debt solution commonly utilized by individuals who are struggling with unmanageable debt and wish to avoid bankruptcy.

Denaro Anthony D Atty, a reputable law firm specializing in legal matters, offers expert advice, guidance, and assistance in navigating the complexities of IVAs and related procedures.

Eligibility Criteria for an IVA

Not everyone is eligible for an IVA. It is important to understand the eligibility criteria before considering this debt solution. The key factors that determine eligibility include:

  • Total debt amount
  • Income and expenditure details
  • Number of creditors
  • Potential affordability to make regular payments

Our experienced team at Denaro Anthony D Atty can assess your individual circumstances and determine whether an IVA is a suitable option for you.

The Benefits of an IVA

Choosing an IVA as a debt solution offers numerous benefits that can significantly improve your financial situation:

  • Reduced monthly payments: Under an IVA, you can consolidate your debt into a single affordable monthly payment, making it easier to manage your finances.
  • Legally binding agreement: Once approved, an IVA becomes a legally binding agreement, providing protection and peace of mind for both you and your creditors.
  • Freeze interest and charges: Upon entering an IVA, interest and charges on your debts are frozen, preventing them from accumulating further.
  • Protection against legal actions: Creditors included in your IVA are prohibited from taking further legal actions against you, such as initiating bankruptcy proceedings.
  • Light at the end of the tunnel: Unlike bankruptcy, an IVA allows you to retain control of your assets and work towards becoming debt-free over a fixed period of time.

The Process of Establishing an IVA

Establishing an IVA involves several critical steps that require professional guidance:

  1. Consultation: Our team of experts will conduct an initial consultation to assess your financial circumstances and determine whether an IVA is suitable.
  2. Proposal: If an IVA is deemed appropriate, our team will prepare a comprehensive proposal outlining your repayment plan and present it to your creditors.
  3. Creditors' meeting: A meeting is held where your creditors can discuss and negotiate the terms of the IVA proposal. Our team will represent you during this meeting.
  4. IVA approval: If 75% or more of your creditors (in terms of debt value) agree to the proposal, the IVA is considered approved and becomes legally binding for all parties involved.
  5. Repayment period: Once the IVA is approved, you will enter into a fixed repayment period, typically lasting five to six years, during which you will make regular payments as agreed upon.
  6. Completion and debt-free future: After successfully completing the designated repayment period, any outstanding debts included in the IVA will be legally written off, and you can enjoy a fresh financial start.

Contact Denaro Anthony D Atty Today

Denaro Anthony D Atty is committed to providing expert legal assistance and guidance in matters related to IVAs. Our experienced team understands the complexities of IVAs and can help you navigate through the entire process, ensuring the best possible outcome for your financial future.

To schedule a consultation or for any inquiries, please contact Denaro Anthony D Atty today. Our dedicated team is ready to assist you.

Disclaimer: The information provided in this content is for general informational purposes only and does not constitute legal advice. Consultation with a qualified legal professional is recommended for individual cases.

Angela Blank
Great overview of Individual Voluntary Arrangement (IVA) as a debt solution. The expert advice from Denaro Anthony D Atty is valuable.
Nov 8, 2023
Tiffany Constable
It's great to see a practical approach to managing debt through an IVA. The step-by-step explanation is very helpful.
Sep 5, 2023
Dianne Cherry
This article has cleared up many misconceptions I had about IVAs. The information provided is valuable and practical.
Aug 5, 2023
Mark Ryan
I appreciate the insights into the legal aspects of an IVA. It's important to have a solid understanding of the legal framework.
Aug 3, 2023
Mark Ellerman
As someone considering an IVA, I found this article to be a valuable resource. It's answered many of my questions.
Jul 21, 2023
Marco Rivera
The article offers a comprehensive look at the concept of Individual Voluntary Arrangements. It's an informative read for those considering this route.
Jul 3, 2023
Lance Berberian
This article provides a clear explanation of the process and benefits of an Individual Voluntary Arrangement (IVA). Thanks for the informative overview.
May 18, 2023
Denise Dickinson
IVAs can offer a viable path for individuals struggling with debt to regain control of their finances. This article sheds light on the process.
May 16, 2023
Aparna Sharma
The examples provided in the article help illustrate how an IVA works in practice. It's always helpful to see real-world scenarios.
Feb 13, 2023
Garrett Conti
I found the section on the advantages and disadvantages of an IVA to be very helpful. It's important to weigh the pros and cons before making a decision.
Oct 20, 2022
Rita Moravek
IVAs can be a helpful tool for individuals navigating unmanageable debt. It's important to understand the process and implications before considering this option.
Oct 12, 2022
Carl Watkin
The mention of the impact on credit ratings was crucial. It's important to be aware of the potential consequences.
Aug 19, 2022
Marc Yanchura
The overview of the legal framework behind IVAs was very enlightening. It's helpful to have a strong understanding of the legal aspects.
Jul 7, 2022
Jeffrey Scott
The mention of potential risks associated with an IVA is important. It's crucial to be aware of all potential outcomes.
May 13, 2022
German Andrade
I had heard of IVAs before but didn't fully understand the details. This article has provided a comprehensive overview of the topic.
Dec 10, 2021
K
This article provides a clear and concise overview of Individual Voluntary Arrangements. It's a great starting point for anyone seeking information on IVAs.
Sep 23, 2021
Lee Martinez
The section on the role of the insolvency practitioner was informative. It's important to understand their role in the IVA process.
Jan 24, 2021
Tommy Beauchamp
Thank you for shedding light on the role of creditors in an IVA. Understanding their perspective is crucial in this process.
Jan 22, 2021
Gerald Rabenstine
The section on the duration of an IVA was particularly insightful. It's helpful to have a realistic timeline in mind.
Sep 19, 2020
Bekki Vail
I'm impressed by the thorough analysis of the financial implications of an IVA. It's crucial to understand the impact on one's financial situation.
Sep 10, 2020
Stefan Colosimo
I'm glad the author included information on the fees associated with an IVA. It's important to factor in all costs.
Aug 20, 2020
Natalie Rozen
The step-by-step guide to setting up an IVA is very insightful. It's great to have a clear understanding of the process.
Aug 17, 2020
Tom Farrow
I appreciate the practical explanation of IVAs in this article. It's important for individuals to be well-informed about their debt solutions.
Jul 25, 2020
Mario Lowe
The comparison with other debt solutions was insightful. It's helpful to see how an IVA stacks up against other options.
Jun 27, 2020
Matt Brown
Thank you for the detailed breakdown of the factors to consider before entering into an IVA. It's a well-rounded analysis.
Jun 7, 2020
Davydova Daria
The article provided a helpful overview of the cre...
May 27, 2020
Amher Khan
The section on the impact on assets and property provided clarity on an important aspect of IVAs. This article is comprehensive and informative.
May 17, 2020
Colin Harrison
I'm considering an IVA and this article has given me a better understanding of the process. It's an informative and insightful read.
Jan 23, 2020
Robert Bianchine
Could you provide more details on the eligibility criteria for an IVA? It would help to understand who can benefit from this arrangement.
Dec 30, 2019
Drew Mellen
I like that this article takes a balanced approach to discussing the benefits and drawbacks of an IVA. It's important to consider both sides.
Oct 25, 2019
Jennifer Eriksen
I appreciate the practical advice included in this article. It's helpful to have guidance on navigating the process.
Sep 12, 2019
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