*This protocol can be used for all new consumer IVAs immediately, however there is a three-month transition period (until 1st August 2021) during which the 2016 protocol can also be used for new arrangements. After 1st August 2021 no new 2016 protocol IVAs should be presented to creditors for approval.*

This protocol is intended to facilitate the efficient processing and administration of consumer individual voluntary arrangements (IVAs), recognising the need to balance the rights of an individual to obtain appropriate debt relief alongside the rights of creditors to seek repayment of what is owed to them.

The overall protocol has the following parts:

• A set of general principles (Link)

• Standard terms and conditions for use in protocol compliant IVAs (Annex 1). (Link)

• Legal and regulatory framework (Annex 2). (Link)

• Template letter for consumers (Annex 3). (Download available below)

• Template proposal and table of contributions (Annex 4). (Download available below)

• Flowchart to explain the process for potential equity release (Annex 5). (Download available below)

• Table of distributions (Annex 6). (Download available below)

• Comparison table between bankruptcy and IVA expected outcomes (Annex 7). (Download available below)

• Terms of Reference (Annex 8). (Link)