89 Bickersteth Road

London SW17 9SH

0203 490 1221

Client Support

Facebook Twitter Linkedin Instagram

I

Individual Voluntary Arrangement– IVA

 CITYWIDE Solicitors – IVA

IVA (Individual Voluntary Arrangement) are a debt solution available to those with personal debt, as well as sole practitioners needing debt management solutions.

An IVA is an agreement with creditors to enable debts to be paid at a manageable level. An IVA is an option available in cases where there are:

  • Debts of £15,000 or more
  • At least two different creditors owed money
  • A payment of at least £150 a month is made.

IVAs are legally binding and a licensed insolvency practitioner will oversee the legal process and make sure the payments agreed are made.

Failing to pay the agreed amounts under the IVA means it could be cancelled and the insolvency practitioner can make bankrupt an individual who does not keep up IVA repayments.

An IVA is also recorded on the Individual Insolvency Register, but the record will be removed three months after the IVA ends.

One advantage of an IVA is that bankruptcy or insolvency proceedings can be avoided if the agreed repayment is made every month – and it is still possible for sole practitioners to carry on trading.

There are costs attached to setting up an IVA – including a set up fee and a handling fee each time a payment is made.

CITYWIDE debt management solicitors can advise on setting up an IVA and other debt solutions to avoid insolvency proceedings or bankruptcy.

Who Will Carry Out the Work?

  • Director & Associate Solicitor assisted by Assistant Solicitor & Paralegal
  • All work is supervised by a Director, who retains ultimate responsibility and conduct of matters.

Hourly Rates:

  • Director: £260 – £360 plus VAT at 20%
  • Associate Solicitor: £180-£250 plus VAT at 20%
  • Assistant Solicitor: £150 – £180 plus VAT at 20%
  • Trainee Solicitor: £120-£150 plus VAT at 20%
  • Paralegal/Caseworker: £100 – £150 plus VAT at 20%

Our fees in this matter will be chargeable on hourly rate basis.

On average, work relating to IVA requires around 5 to 40 hours.

Timescale:

Where a matter is resolved without the need for Court proceedings, the process of the matter usually take between 6 and 12 weeks from receipt of instructions from client to receipt of payment from the other party. 

However, where resolution cannot be achieved through pre-action and Court proceedings are necessary and are issued, the timescale could be over nine months, depending on various factors, such as, the Directions of the Court (how many they are and the length of time given to respond to each), whether Case Management Hearing is necessary (and how many in the case), whether an expert evidence/ witness is required in the matter, availabilities/Court’s time, etc. Given these many possible eventualities and probabilities, timescale is in each case depends on the fact and nature of the case and are therefore, this time to matter, dealt with on a case-by-case basis. We will normally advise each client based on their individual circumstances appertaining every stage of their case.

 

 

 

 

Contact Our Legal Team

We are specialist in our areas of law and pride in ourselves for having one of the best teams of specialist Solicitors with wealth of knowledge and experience to deal with all types of matters. Our top-rated Solicitors have successfully helped thousands of clients with all types matters in our areas of specialisation.

We can represent you at all levels of the Court, from the Tribunal, County Court, High Court, Court of Appeal, to the Supreme Court as well before the European Court of Human Rights. Our Solicitors work in collaboration with very experienced and professional Barristers, who together present a formidable team.

law firm cta top pic

Legal Team