This brochure shows you how a voluntary individual agreement (IVA) can be used to manage your debt. An Individual Voluntary Agreement (IVA) is a formal and legally binding agreement between you and your creditors to repay your debts over a specified period of time. This means that it is approved by the court and your creditors must comply. Details of individual voluntary agreements are listed in a public registry called the Individual Insolvency Registry. It is unlikely that anyone will come across this information, but it is something that you have to be aware of. As a general rule, bankruptcy becomes automatic after one year or less if the liquidator is eligible for early release. An income payment contract or bankruptcy contract (if one of them is applied, depending on the disposable income of individuals) does not last more than three years and payments are generally much lower than those of an income-related IVA. A voluntary agreement of the company can only be implemented by a judicial administrator who develops a proposal for creditors. A creditors` meeting is held to verify whether the CVA is accepted. As long as 75% (depending on the value of the debt) of the voting creditors agree, the CVA is accepted. All creditors of the company are then subject to the terms of the proposal, whether they have voted or not. Creditors are also not in a position to take further legal action as long as conditions are met and existing legal actions, such as a liquidation decision, are suspended.
 Always check the fees charged per ip before signing an agreement or starting the process of creating an IVA. You should check what the fees cover and whether IP taxes are paid in advance. An IVA is a legally binding agreement between you and the people to whom you owe money. An individual voluntary agreement is a kind of insolvency and a legally binding agreement between you and your creditors. This may be an appropriate solution if you can afford to pay something on your debts, but not the total amount that your creditors want. Source: StepChange VA GlobalZulassungsstat 2016. In rare cases, a lender cannot accept an agreement. If you are considering a voluntary individual agreement (IVA) to manage your debts, this article aims to answer as widely as possible the most important facts you need to know. Be careful if you have a rental agreement that you want to include in your IVA. Check your agreement carefully to see if there is a clause allowing the creditor to terminate the contract if you enter into an IVA and seek advice. The IVA protocol is a series of voluntary guidelines, followed by many judicial administrators (IPs).
The guidelines include how a simple consumer IVA should be constituted and how the IP should behave. The protocol has been put in place to make the IVA process faster and simpler for IP members, creditors and for you as applicants. An individual voluntary agreement is a legally binding debt solution and can have serious consequences. It is important that you are fully informed before making a decision. Our IVA guide gives you good advice for the whole process. An individual voluntary agreement (AIA) is an agreement between a person (also known as a « debtor ») and his creditors. In doing so, a debtor who still has enough money based on priority creditors and large expenses can enter into an individual voluntary agreement.  (After independent consultation, debtors with less serious problems may wish to consider a debt management plan.) The similar procedure for companies is the voluntary agreement of the company. An individual voluntary agreement (IVA) is an agreement with your creditors to settle all or part of your debts. You agree to make regular payments to a court administrator who shares this money between your creditors. Under UK insolvency law, an insolvent company can enter into a voluntary agreement (CVA).