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Individual Voluntary Arrangement

Repair your cash flow with an IVA

If you find yourself or your business to be insolvent – unable to pay debts on time – and you want to avoid facing bankruptcy and/or bailiff action, then you may have to consider an Individual Voluntary Arrangement (IVA). Although this may be an appropriate course of action, it should not be taken lightly. It is important to gain as much information and advice as possible before entering into an IVA.

An IVA is a method of tailoring your debt repayment to fit within the parameters of your cash flow and available profit. This is a legally binding agreement between yourself and your creditors which can make debt repayment more realistic. HMRC debt and personal credit card debt, in the case of sole traders or partnerships, must also be included in an IVA, so important to seek professional advice before entering into an IVA.

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What is IVA?

If you have more debt than you can realistically afford to service, an Individual Voluntary Arrangement could be the solution. It is a very powerful tool for repairing your cashflow as it tailors the repayments to what you can afford and, as it is a formal arrangement, locks your creditors into the arrangement.

Get the advice you need

Once you have entered into an Individual Voluntary Arrangement with your creditors, they will be unable to take any recovery action against you for the payment of these debts. However, if you are unable to pay the agreed upon instalments, the IVA will fail and you could still face bankruptcy proceedings.

There are often more options available before an IVA is considered. We are able to provide you with the advice you need to determine whether this arrangement is right for you and help you to take the next appropriate steps to becoming debt free.

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How Anderson Parker Can Help

We have a broad spectrum of partners in the Financial Services sector, making us ideally placed to find the best solution for you or your company’s financial situation. Anderson Parker specialises in HMRC debt and can help you with Time to Pay (TTP) arrangements, debts and arrears, Individual Voluntary Arrangements (IVAs), and much more.

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