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The individual voluntary arrangement (IVA) Protocol for 2014 provides an agreed standard framework for dealing with straightforward consumer IVAs and applies to both IVA providers and creditors. The updates to the Protocol and the new equity clause are to ensure the term 'remortgage' includes secured loan.
Purpose of an IVA
An IVA is a voluntary agreement between a person in debt and his/her creditors. It is a formal (contractual) agreement and can be as flexible as the individual's circumstances allow.
An IVA Protocol has been in operation since early 2008. Its purpose is to ease the efficient handling of straightforward consumer IVAs. The Protocol recognises that the IVA supports a valid public policy objective by providing debt relief for individuals in financial distress. It also recognises that at the centre of this process ther
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