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Typical IVA Terms and Conditions

Note: Scroll down to access links to different IVA Terms and Conditions formats.

If you are considering an IVA or are in an IVA, you should make sure you know which terms and conditions apply to you and ensure you keep a copy for future reference.

Insolvency practitioners are within their rights to create their own terms and conditions, but over the years some standard formats have evolved which have been beneficial to the smooth running of the IVA for its duration.

If you want to view IVA terms and conditions that apply to you, you need to know which format was used and the date your IVA was accepted

The IVA Protocol

The IVA protocol is a voluntary framework set up in 2008 for dealing with straightforward consumer based IVAs. It applies to debtors, creditors and insolvency practitioners, aiming to improve the efficiency of the IVA process.

The IVA Protocol was designed to develop transparency, openness and trust between the involved parties and was the result of considerable discussions including members from regulatory bodies.

Some of the key areas covered by the IVA Protocol:

  • The start, effect and duration of the IVA
  • Duties and obligations of the debtor
  • Duties and obligations and powers of the supervisor
  • Effects of a breach or non-compliance by the debtor
  • Management of assets
  • Dividends and claims
  • Creditors who have not received notice
  • Meetings of creditors
  • Conditions dealing with tax debts

The Protocol is independently monitored and reviewed to ensure it is working for the benefit of all parties involved.

View the IVA Protocol versions below. Note that the date your IVA was approved will determine which set of conditions applies to you:

R3 - Business Recovery Professionals

R3 have published standardised IVA terms and conditions since 2002 and these are widely used by insolvency practitioners, especially where the IVA Protocol framework cannot be applied. This might include debtors who have disputed debts, debtors who have investment portfolios or when there is a possibility of a full and final settlement in the first year of the IVA.

View the R3 terms and conditions versions below. Note that the date your IVA was approved will determine which set of conditions applies to you:

IVA Forum

Standard IVA terms and conditions are also provided by the IVA Forum: Note that the date your IVA was approved will determine which set of conditions applies to you:

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Important Information

IVA.co.uk does not provide debt advice. You must always seek professional advice before taking any action to resolve your debts. If you use the IVA Calculator or call the IVA Helpline, we will pass on your details or connect you to one of our partners who will contact you and explain all the options available to you. With your permission they can connect you with authorised debt solution providers who can process an application for you

IVA.co.uk does not charge you any fees for use of our forum or the IVA Calculator, however we do get paid by our sponsors and the partners we work with. Our partners charge fees and those vary depending on the partner and the debt solution. Customers should refer to our partners' websites for more information regarding their services.

Before entering into any debt solution you should ensure that you have considered the implications. Failure to keep up with repayments can result in bankruptcy or legal action. Lenders are not obliged to accept less in settlement of a debt than they are entitled to or to freeze interest or charges. Not all solutions involve debt write off and some solutions may result in the total amount payable increasing, or the period over which it is to be repaid increasing. Debt solutions will affect your credit rating which records all financial activity for 6 years. Your assets and property could be at risk in some solutions. Conditions apply and each application will be subject to acceptance and eligibility.

Terms and conditions