CAN I DEAL WITHALL OF THISIN ONE ARRANGEMENT?

Most Directors are facing several debts at once, not one.

An IVA can deal with them together, and legally bind every creditor in it.

An Individual Voluntary Arrangement is a formal agreement between you and the people you owe. It sets what you can genuinely afford, over a fixed period, after which the balance included in it is written off.

One arrangement. One payment. A defined end date.

WHAT AN IVA ACTUALLY INVOLVES

ONE ARRANGEMENT CAN COVER ALL UNSECURED DEBTS

If, say, faced with an overdrawn loan account, personal guarantees and other domestic liabilities, tax liabilities these can all be incorporated into an Individual Voluntary Arrangement (IVA). Once approved by the requisite majority of unsecured creditors it binds every creditor, but not secured creditors like your mortgagee or car finance, including any creditors who voted against.

An IVA avoids bankruptcy and you can continue to act as a Director of a Company. A Liquidator of a Company cannot propose an IVA for you personally as this would be a conflict of interest. X-debt acts for Directors who propose a lump sum IVA. Any contributory style IVAs would be passed to an FCA regulated insolvency firm.

This is what makes it different from negotiating separately.

HOW IT IS APPROVED

We prepare a proposal setting out what you can realistically afford. Your creditors then vote on it.

It needs the agreement of 75% by value of those who vote. It is not a court application, and it is not bankruptcy.

The proposal is built around your actual budget.

WHAT IT ASKS OF YOU

An IVA typically runs for five years, or six where property equity cannot be released.

It appears on your credit file and on the public Individual Insolvency Register for its duration, and you must keep the payments up.

It is a serious commitment, not a quick fix.

WE DO THIS OURSELVES

X-debt is licensed to deliver IVAs directly. The same firm that understands the Company side can handle your personal position.

We will tell you honestly if an IVA is not the right answer for you.

One conversation, not a referral chain.

AN IVA IS NOT BANKRUPTCY, AND IT IS NOT A LOAN.

It is a legally binding agreement to pay what you can genuinely afford, for a fixed period, with the rest written off at the end.

IS AN IVA ACTUALLY RIGHT FOR ME?

Sometimes it isn't. It depends on what you owe, what you earn and what you own.

It works best where there is regular income to support a realistic monthly payment, or you can introduce a third-party lump sum.

What matters is getting an honest assessment before you commit to anything.

5 THINGS TO AVOIDDOING WITHOUT ADVICE

1
Don't rush into any formal solution
Including this one. Get the position mapped first.
2
Don't leave debts out of the proposal
An incomplete picture undermines the whole arrangement.
3
Don't commit to a payment that leaves no margin
Life happens, and a failed IVA helps nobody.
4
Don't take advice from an unregulated debt firm
Insolvency advice should come from a licensed Insolvency Practitioner.
5
Don't assume you don't qualify
Directors often do, and rarely realise it.

HOW WE CAN HELP YOUUNDERSTAND YOUR POSITION

Whether an IVA is genuinely suitable for you
What a realistic monthly payment would look like
Which of your debts can be included
How your loan account and guarantees would be treated
What happens to any property you own
What it would mean for your credit file
Whether a 3rd party lump sum could avoid a lengthy IVA with creditors
What you should – and shouldn't – do next

SPEAK TO US FIRST.

A confidential discussion today could help protect you tomorrow.

FREE • CONFIDENTIAL • NO OBLIGATION

0161 787 3400 enquiries@x-debt.co.uk www.x-debt.co.uk

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