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.
The payments
that are offered to creditors in an IVA can
be made from a variety of of sources. The most
popular being:
Affordable
monthly payments from your income
A sum from a remortgage of your property or
a third party
Sale of an asset
A combination of the above
Click here
to see typical repayment
amounts
Our IVAs
are crafted, always with the core value that
they should be sustainable and achievable a
win/win situation for you and your creditors.
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.
Unlike most
'debt advisers' we have our own resident licensed
Insolvency Practitioner, Sarah Nancollas, who
follows the best practice guidelines set out
by her licencing authority. This includes ensuring
that all debt solutions are discussed with you
before you decide how to proceed.
By explaining
your options to you fully we hope to give you
peace of mind that you are dealing with your
debt problems in the most appropriate way for
you and your family, thus enabling you to see
the way forward to achieving a debt free life.
We can advise
on whether an IVA is the right solution for
you. We can then work with you, from formulating
an offer to your creditors, through to seeking
approval from your creditors on your behalf.
Click
here to see how much we can save you
:
