A Fast Track Voluntary Arrangement (FTVA) is a binding agreement with your creditors to pay all or part of the money you owe them. You can only enter into it after you have been made bankrupt.

In an FTVA the Official Receiver acts as nominee; that is, he (or she) helps you prepare a proposal to put to your creditors and, if they accept the proposal, acts as supervisor, looking after the arrangement and making payments to your creditors in accordance with your proposal.

The Official Receiver’s fee to act as nominee is £300, and as supervisor he also charges 15% of all sums realised. In addition, you will have to pay a registration fee of £35 for your FTVA to be recorded on the public register of all Individual Voluntary Arrangements.

An Individual Voluntary Arrangement (IVA) begins with a formal proposal to your creditors to pay part or all of your debts. You need to apply to the court and you must be helped by an Insolvency Practitioner. Any agreement reached with your creditors will be binding on them.

Forum Discussion Regarding Fast Track Voluntary Arrangements.