Individual Voluntary Arrangement (IVA) Reported To TCO (Info)

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An Individual Voluntary Arrangement (IVA) is set up by a person in order to pay a proportion of their debts. The IVA is usually set up when the debt exceeds an amount that can be paid off at the required rate to the creditors. In essence the claimant makes an amount of money available and the creditors bid for portions of it in order to minimise their loss.

The Voluntary Arrangement Service (VAS) deals with IVAs. VAS will refer a spreadsheet on a weekly basis to TCO. The spreadsheet (VAS 37/2) will provide details of all the IVAs that have been set up in the previous week that have an outstanding tax credit award.

You may also receive correspondence notifying you of an IVA from the claimant or their IVA supervisor. HM Revenue & Customs does not require authority from the claimant to deal with queries from their IVA supervisor

If a claimant who has set up an IVA disputes their overpayment, the IVA process takes priority over the disputed overpayment process