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Debt Reducing Plans - We do it 
No Paperwork - We do it
Individual Voluntary Arrangement or IVA
There are many types of debt reducing plans our debt counsellors can use and which one is best for you will depend on your particular circumstances. Once you have sat down and discussed your situation with your Compass Counsellor and talked about the things which are important to you, your Compass Counsellor will advise you on the best arrangement or plan with you.
What is an Individual Voluntary Arrangement?
An IVA, or Individual Voluntary Arrangement, is an agreement which your counsellor will make between you and your creditors. Your Compass Counsellor will act on your behalf and in your interest to make an arrangement for you. The arrangement will include agreements to pay off a certain percentage of your debt and in return, your creditors must not call you or write to you.
Is an Individual Voluntary Arrangement right for me?
An IVA is legally enforceable and your Compass counsellor will make sure this is the right debt management plan for you. Once an IVA has been agreed it is covered by the Insolvency Act of 1986.
Once the IVA Practioner has arranged your Individual Voluntary Arrangement it will mean interest and charges are stopped and the Creditors are bound by the terms and
conditions and must stop writing and telephoning you. The Creditors cannot take further legal action once the IVA has been accepted. Therefore this stops Creditors pursuing you through the County Court or filing for Bankruptcy. Your Compass Counsellor will have negotiated on your behalf with your creditors to get them to agree to accept a percentage of the debt payable over (normally) a five year period, after which the debt is written off.
Do I have to go to court?
No, your Compass Counsellor will make arrangements with a Licensed Insolvency Practitioner who will then undertake the legal documentation required for an IVA.
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