A range of options for those facing financial hardship.

Individual Voluntary Agreement

An Individual Voluntary Arrangement (IVA) is essentially a legally binding agreement with your creditors to pay your debts. It is governed by the Insolvency Act 1986 and the associated Rules. You will need to use the services of a Licensed Insolvency Practitioner (IP) to set up an IVA and the IP will monitor and oversee it whilst it remains in force.  You agree to make regular payments to the IVA and these are paid to your creditors by the IP after deducting their fees.

An IVA can give you more control of your assets than bankruptcy.

Get an Individual Voluntary Arrangement (IVA)

You will need to use an IP to get started.  They will advise you as to the suitability or otherwise of proposing an IVA. 

Your IP will help to make the offer to your creditors including an affordable repayment and the period of the IVA.  The period is usually five years but is often extended if you are a homeowner. 

Your IP will go through your financial details with you and prepare a proposal.  Once you are happy with the proposal, a meeting of your creditors will be convened.  This is a virtual meeting so you do not have to attend.  75% of the voting creditors must vote to approve the proposal before the IVA comes into effect.  It is then binding on all of your unsecured creditors.  Your creditors can no longer pursue you for the debts, whilst the IVA remains in force.

Your responsibilities

Your IVA can be failed if you don’t keep up your repayments or other terms of the IVA.  Every year you will be required to provide details of your income and expenditure so that the level of payments can be monitored.

While you have an IVA you still have to pay your normal household bills and certain debts such as Student Loans and court fines.

Public record

Your IVA will be added to the Individual Insolvency Register. This is a public record.  The record is removed after the IVA ends.  Your IVA will stay on your credit record for at least 6 years.


When you have successfully made all the payments and adhered to the terms of the IVA, you will receive a Certificate of Completion.  This is your proof that the IVA was successfully completed.  All debts bound by the IVA are legally written off at this time and cannot be pursued.

Call us today to speak with one of our advisors who can help you understand your options and find out the right choice for you. We're here to help on 0800 019 8383.


Find out the right choice for you.

Call us today to speak with one of our advisors who can help you understand your options and find out the right choice for you. We're here to help on 0800 019 8383 .

Opening times

Monday - Thursday: 8:00am - 6:00pm Friday: 8:00am - 5:30pm

Saturday: 9:00am - 2:00pm

Sunday: Closed

Vanguard Insolvency Practitioners Limited, Registered address National House, 80-82 Wellington Road North, Stockport, Cheshire SK4 1HW

Company Registered in England and Wales Number 09610770 - Data Protection ZA 131723

Peter Jackson is authorised to act as an Insolvency Practitioner in the UK by the Insolvency Practitioners Association. Data protection registration number ZA103596

The Money Advice Service is a free service set up by the Government to help people make the most of their money. If you would like to learn more click here. The Insolvency Service, an independent government agency, has produced a guidance leaflet on dealing with your creditors. If you would like a copy, click here.

The Association of Business Recovery Professionals, known as R3, produce a booklet called “Is a Voluntary Arrangement Right for Me?”.  If you would like a copy, click here.

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