Summary :
 |
Affordable - only pay
what you can afford. |
|
Debt
write off - usually a large amount of your
debt is totally written off. |
|
Easier
budgeting - just one monthly payment to
your creditors. |
|
Reduce stress - we deal
with your creditors for you. |
|
Frozen
interest - creditors are obliged to freeze
interest from the date your IVA is approved. |
|
Fixed
payment period, usually 5 years. |
What is
an IVA?
An IVA is a forgiveness agreement
with your creditors to repay a proportion of
the amount you owe in full and final settlement.
In return for you committing to repay an affordable
part of your debt, your creditors are legally
obliged to freeze on-going interest and, on
successful conclusion of the IVA, will write
off the balance leaving you debt free.
IVAs are
a flexible and effective method of dealing with
debt. They provide protection from your creditors,
flexibility and none of the restrictions that
apply in bankruptcy.
They also normally provide for a proportion
of your debt to be written off unlike Debt
Management Plans (DMP).
IVAs (Individual
Voluntary Arrangements) were introduced to the
UK as part of the Insolvency Act 1986 as a positive
alternative to bankruptcy that would help individuals
resolve their debt problems. Although considered
to be a rescue tool an IVA will have an adverse
affect on your credit rating for up to 6 years.
How much will I have
to pay?
The amount you pay will depend
on your disposable income and the amount is
agreed with creditors up front so there are
no nasty shocks during the IVA. You will know
exactly what you have to pay, and how long you
have to pay for. More
info
How long before I can
get an IVA?
Whilst the insolvency legislation
sets out some timescales for parts of the process
to set up an IVA, the overall timing is down
to you. Generally speaking it takes us about
6 weeks from our initial meeting with you to
getting approval for your IVA.
Will my creditors agree
to an IVA?
For your IVA to be approved
a majority, in excess of 75%, in value, of your
creditors who vote on your IVA, is required.
From our years of experience at providing debt
solutions we know what is likely to be acceptable
to creditors. Our success rate at getting IVAs
approved is 97%
How will I know if an
IVA is right for me?
Before we suggest an IVA we will
talk through all the options open to you to
resolve your debt problems, as there may be
a more suitable option for you. We will also
explain the pros and cons of each option and
answer any questions you may have. More
info
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