Fast Track Voluntary Arrangements
Fast Track Voluntary Arrangements may seem daunting and complicated, however National Debt Advice can arrange the whole procedure and allow you to rest assured that you have minimal stress throughout.
Even if you have been made bankrupt it is still possible to have a special form of IVA called a ‘Fast-Track Voluntary Arrangement’ (FTVA). If you get a FTVA it means your bankruptcy order can be reversed. You put forward a payment proposal to your creditors through your official receiver that would mean they will be paid more than they would under your bankruptcy.
The official receiver runs the FTVA for you if it is set up. The FTVA is cheaper than an ordinary IVA as there are set fees and costs. If it fails, then your creditors could try to make you bankrupt again.
- An FTVA is a binding agreement with your creditors to pay part or all of the money you owe them.
- An FTVA is a type of Individual Voluntary Arrangement (IVA) that anyone who becomes insolvent can use to deal with the debts they have left to pay.
- An FTVA effectively removes the bankruptcy from the records.
- An FTVA is normally cheaper than an Individual Voluntary Arrangement (IVA), as FTVAs have set costs.
FTVA’s are usually only suitable for simple asset cases, i.e. non-traders. It is necessary to put forward a payment offer to the creditors, of more than they would get under a standard bankruptcy order. The Official Receiver runs the FTVA for the individual if they agree with the proposal.