An IVA may not be suitable in all circumstances.

Fees apply to the service, click here for more details. Your credit rating may be affected. Read more about IVAs here.

Standard Term Proposal

Standard Term Proposal

These IVA proposals are the most common. They offer creditors a regular monthly affordable payment from your available income over usually 60 months as this is considered a reasonable time for people to maintain a repayment. Creditors are asked to accept monthly payments over a fixed time in full satisfaction of the outstanding debts.

Available income is calculated using your income and taking away household expenses such as rent/mortgage, utilities, council tax, travel costs etc and also budget expenses using recognised guidelines for items such as Food, clothing, medical care etc. This ensures that you have a reasonable standard of living before any offer of payment is reached and makes sure the payments are sustainable, giving you the best chance of completing your IVA successfully and providing creditors with a fair return on what you owe.

So, if you have an available income of more than £100 per month. A standard term proposal could be a suitable way for you to offer your creditors an affordable monthly payment and give them a fair return on what you owe them.

Important Information

Subject to eligibility and acceptance. Fees Payable. Debt write off applies to unsecured debts only and on successful completion of an IVA. If your IVA fails, it could lead to Bankruptcy, although this is rare and alternatives may be available. Your ability to obtain credit will be affected for the medium to long term. Homeowners may be required to release equity in their property, subject to certain criteria. If unable to release equity and equity is available an additional 12 months payments may be requested in compensation.

Financial Support Systems provides insolvency solutions to individuals, specialising in IVAs. We do not administer or provide advice relating to debt management products, such as Debt Management Plans. Advice and information on alternative options will be provided following an initial fact find where the individual(s) concerned meets the criteria for an IVA and wishes to pursue it further, as governed by our Insolvency Practitioners' regulators, the Institute of Chartered Accountants in England and Wales. All advice given on any alternative options is therefore provided in reasonable contemplation of an insolvency appointment.

The Money Advice Service is a free service set up by the Government to help people make the most of their money. If you would like to learn more click here.

The Association of Business Recovery Professional, known as R3, produce a booklet called "Dealing with money worries - A guide to your options". This is a very helpful summary of the various options for dealing with debt and a copy can be found at the following link. Please also see link to 'Voluntary Arrangements - A Guide for Creditors on Insolvency Practitioner Fees'.