Freeze interest and charges and write off debt *

An Individual Voluntary Arrangement, also called an IVA, is a legally binding agreement that offers protection to creditors and the individual in the IVA.

Each case is appointed a licensed Insolvency Practitioner who will negotiate directly with creditors to secure lower repayment rates.

IVAs typically last for 60 months and any unsecured debt remaining at the end of this term will be written off, providing they have been included in the IVA.

IVA qualifying criteria

• Struggling with repayments
• Have debts of £14,000 or more
• Proof of employment
• Live in England or Wales

How to start an IVA

The IVA Advisory Service is provided by Baines & Ernst.

As part of the IVA Advisory Service, an advisor will explain the IVA process and complete a thorough evaluation of your current situation including your income and outgoings to ensure an IVA is the right debt solution for you. If you meet the qualifying criteria for an IVA and want to proceed with the application, your case will be transferred to a licensed Insolvency Practitioner at Grant Thornton – a specialist IVA provider – who will review your case further and contact you directly.

Baines & Ernst will charge a fee for using the IVA Advisory Service. The costs associated with the IVA itself will be notified to you in writing in advance by the Insolvency Practitioner handling the case.

IVA: what you need to know

* Providing you keep to the terms of the agreement, an IVA will typically last for a period of 60 months.  If creditors agree to the IVA, it’s worth noting that you could be asked to release equity from your home in the 4th year of the agreement to repay creditors. This depends on your personal circumstances and will be discussed with you in the initial stages of the application process.

Your credit rating will also be affected for 6 years following an IVA and you will find it difficult to obtain credit in the future.

An IVA is a legally binding agreement and if you fail to keep to the terms and conditions of the agreement, you could be made liable for all outstanding fees and debts included in the IVA; further financial difficulty could even lead to Bankruptcy.

An IVA is subject to creditor agreement which is not always guaranteed.

The IVA Advisory Service is provided through Baines & Ernst. Terms and conditions can be found on the Baines & Ernst website. Click the following links for information on Fees, and Terms and conditions.

The costs associated with your IVA will be advised in writing by the Insolvency Practitioner handling the case before an agreement begins.
Once your signed and returned Client Information Form has been received, you will have 7 working days to cancel the IVA Advisory Service, which must be sent in writing to Baines and Ernst Ltd, Lloyds House, 18/22, Lloyd Street, Manchester M2 5BE or by Faxing us on 08448 262 622. All payments made will be refunded, and your application closed. If for any reason your application does not succeed, alternative options may be offered to you without any obligation. Once the IVA is in place, you will not be able to cancel the agreement as it is a legally binding contract.