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Individual Voluntary Arrangements (IVA's)
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- What is an IVA - Individual Voluntary Arrangement?
- How do I know an IVA is right for me?
- How does an IVA work?
- How is IVA Debt Advice Helpline different?
- How long does it take to set up an IVA and what is the process?
- How long does an IVA last?
- How much does an IVA cost?
- Will I ever have to go to court?
- Will my creditors still call me?
- What happens at the IVA creditors meeting?
- Can I clear all my debts with an IVA?
- Will I lose my home in an IVA?
- Will an IVA affect my business?
- What happens to my Credit Cards in an IVA?
- Will my IVA affect my bank account?
- What if my financial circumstances change during the IVA?
- What happens if I default on the terms of my IVA?
- Do I have to tell anyone I have an IVA?
- Can I share my IVA with my partner?
- How does an IVA affect my credit rating?
- I live with my parents – will the IVA result in them being blacklisted?
- Insolvency Act 1986 - Part VIII - IVA's
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- Informal Agreement with Creditors
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- Debt Calculator
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263B. Decision
(1) The debtor may submit to the official receiver—
(a) a document setting out the terms of the voluntary arrangement which the debtor is proposing, and
(b) a statement of his affairs containing such particulars as may be prescribed of his creditors, debts, other liabilities and assets and such other information as may be prescribed.
(2) If the official receiver thinks that the voluntary arrangement proposed has a reasonable prospect of being approved and implemented, he may make arrangements for inviting creditors to decide whether to approve it.
(3) For the purposes of subsection (2) a person is a “creditor” only if—
(a) he is a creditor of the debtor in respect of a bankruptcy debt, and
(b) the official receiver is aware of his claim and his address.
(4) Arrangements made under subsection (2)—
(a) must include the provision to each creditor of a copy of the proposed voluntary arrangement,
(b) must include the provision to each creditor of information about the criteria by reference to which the official receiver will determine whether the creditors approve or reject the proposed voluntary arrangement, and
(c) may not include an opportunity for modifications to the proposed voluntary arrangement
to be suggested or made.
(5) Where a debtor submits documents to the official receiver under subsection (1) no application under section 253 for an interim order may be made in respect of the debtor until the official receiver has—
(a) made arrangements as described in subsection (2), or
(b) informed the debtor that he does not intend to make arrangements (whether because he does not think the voluntary arrangement has a reasonable prospect of being approved and implemented or because he declines to act).