Individual Voluntary Arrangement (IVA) Services Derbyshire, UK.

If you are experiencing difficulty with personal debt and cannot afford payments on a loan or service an IVA can help reduce your payments to a manageable level.

Seneca are experienced Insolvency Practitioners. We can arrange an IVA with your creditors helping stabilise your personal finances without declaring bankruptcy

For further information and a free initial consultation, please contact, John Hedger, head of our corporate insolvency team, who will be pleased to help you.

01629 761700 enquiries@seneca-ip.co.uk

Individual Voluntary Arrangement (IVA)

An IVA is a legally binding agreement between an individual and their creditors, whereby the individual agrees to repay some or all of the money owed over a period of time, usually five years.

The agreement is flexible, so can be tailored to the individual’s specific circumstances and ability to pay.  It can include one or more lump sums, the sale of assets, third-party contributions, monthly contributions by the individual, or a combination of these.

That said, it has become standard for an arrangement to last a period of five years with a potential for a sixth year where re-mortgaging property is part of the arrangement.

It has become standard for an arrangement  for an IVA to last a 5 year period with a potential for a sixth year where re-mortgaging property is part of the arrangement.

Each agreement is tailored to the individual’s specific circumstances.

Seneca IP can provide free advice to determine if an IVA is right your your needs.

Every IVA is different – Please contact us for a free consultation.

If an IVA is suitable then we would assist you by creating a proposal to repay your debts, in full or in part, to your creditors (at this point the Insolvency Practitioner is called the Nominee) and make sure the proposal is fit, feasible and fair to you and your creditors. The Creditors would then vote at a meeting as to whether to accept the proposal or not.

If 75% or more of the creditors voting agree to the proposal, then the IVA is accepted. At this point the IP is called the Supervisor and their duty is to supervise the implementation of the IVA proposal agreed.

The Supervisor, will ensure that the debtor complies with the proposal agreed with the creditors. The Supervisor would then look to distribute the funds paid into the arrangement to creditors based on a percentage of the total claim, once the costs of the IVA have been paid.

At the end of the IVA if the terms of the proposal have been met the individual would be cleared of their debt. However, their credit rating would still be affected for six years from the day it was approved. In some cases, this would coincide with the end of the IVA however in other cases this would mean that the individuals credit score would be affected for a further 12 months from the date the arrangement ends.

However, failure to comply with the proposal’s terms may result in the arrangement being terminated which often ends up resulting in the individuals bankruptcy.

An IVA typically impacts your credit rating and can be affected for six years from the day the IVA was approved.

In some cases, this would coincide with the end of the IVA however in other cases this would mean that the individuals credit score would be affected for a further 12 months from the date the arrangement ends.

Failure to comply with the proposal’s terms may result in the arrangement being terminated which often ends up resulting in the individuals bankruptcy.

Testimonials

Feedback from our customers.

“We could not see any way in which we could save more than 75% of our workforce. We approached Seneca IP who assisted us in the process of Liquidation but also dealt with our staff empathically and in a most professional manner.”

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“We could not trust the advice we had received elsewhere and were introduced to Seneca IP. Within minutes of meeting with Mr Hedger we were satisfied that we were in capable, professional hands. The entire team at Seneca saw us through what was admittedly a very tough time, their knowledge and professionalism was second to none and I do not hesitate to recommend them to anyone who finds themselves in the unenviable position we did.”

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“I am writing this letter of recommendation to express my sincere gratitude to James Annerson and John Hedger from Seneca IP Insolvency Practitioners for their exceptional help, guidance, and support during my company’s liquidation process. Their professionalism, expertise, and friendly approach made the whole experience much less stressful than I ever thought possible.”

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If you need advice on any matter of either business or personal insolvency, give Seneca a call.

Call 01629 761700 today for a free consultation.
Monday-Friday: 09:00-17:00

E-mail: enquiries@seneca-ip.co.uk
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    Get in touch

    Call 01629 761700 today for a free consultation.
    E-mail: enquiries@seneca-ip.co.uk
    Contact Form

    Office Hours

    Monday-Friday: 09:00-17:00
    Saturday: Closed
    Sunday: Closed

    We are based in Matlock Derbyshire

    Seneca Insolvency Practitioners
    Speedwell Mill
    Old Coach Road
    Tansley
    Matlock
    DE4 5FY