Individual Voluntary Agreement
Use an insolvency practitioner to get an IVA.
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Your insolvency practitioner works out what you can afford to repay and how long the IVA lasts. You’ll have to give details about your financial situation, for example your assets, debts, income and creditors.
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Your insolvency practitioner will contact your creditors. The IVA will start if the creditors holding 75% of your debts agree to it. It will apply to all your creditors, including any who disagreed to it.
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An IVA will stop your creditors taking action against you for your debts.
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Costs
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There are usually 2 fees:
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a set up fee
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a handling fee each time you make a payment
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Make sure you know how much it’s going to cost before asking an insolvency practitioner to act for you.
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Your responsibilities
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Your IVA can be cancelled by the insolvency practitioner if you do not keep up your repayments. The insolvency practitioner can make you bankrupt.
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You may still be able to keep your business running, if you have one.
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Public records
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Your IVA will be added to the Individual Insolvency Register. It’s removed 3 months after the IVA ends.