Clarke Bell is a firm of Licensed Insolvency Practitioners, based in Manchester and established in 1994. We resolve debt problems and cashflow issues for small and medium sized businesses, sole traders and individuals.

Individual Voluntary Arrangement

Clarke Bell has been working since 1994, helping individuals to tackle their debt issues head on, and develop practical solutions with creditors. Based in Manchester, we can help people based throughout the UK, offering personal debt advice and a confidential, professional service.

What is an IVA?

An IVA (Individual Voluntary Arrangement) is a form of insolvency. Many people say it is the preferable alternative to declaring yourself bankrupt. It is basically an agreement which is legally binding, between you and your lenders. The lenders agree to certain conditions, as long as you commit to paying as much of the debt off as you can afford. In most cases it lasts for five years.

What are the benefits of an IVA?

An IVA could help you to reduce your monthly payments, freeze the interest on your debts, stop any hassle from creditors and give you a date for when your unsecured debts will be cleared completely.

If you own your home, you may be asked to release some equity from it to help settle some debts but the IVA will let you stay in your home, unlike bankruptcy, which often results in property repossession. If your financial circumstances improve, you'll then be required to start repaying more of the debt that you owe.

How does an IVA work?

Clarke Bell will assess your circumstances and offer professional IVA advice. If instructed, Clarke Bell will allocate you an experienced and expert IVA specialist, who will work on your behalf to resolve your debt issues and arrange an IVA.

Firstly, a meeting of the creditors is held where they vote on your proposal. If 75% agree, your agreement will be accepted and become legally binding. During the IVA, you will be legally protected which means that your lenders can not take any further action against you. As long as you keep up with your monthly IVA payments, you will be protected.

Throughout this time, Clarke Bell will offer you ongoing support and you can contact us any time you like if you need further IVA advice from our team of IVA specialists. If you start to struggle with your IVA, we can review your situation and ensure your IVA is still suitable.

If you think you need an IVA, contact Clarke Bell today for a professional service and a realistic solution to your debt problem.