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IVA’s
What is an IVA?
An Individual Voluntary Arrangement (IVA) is a formal agreement between you and your creditors which was introduced by the Government as part of the Insolvency Act 1986. The IVA is generally appropriate for people who are unable to make their monthly repayments in full but who do have some money to give to their creditors each month.
An IVA proposal sets out how you are going to repay your creditors, usually over a period of five years. The IVA can also take the form of a lump sum raised from the sale of an asset such as property or an insurance policy or a contribution from friends or family.
Advantages of an IVA?
You only pay back a percentage of your debts and you will be free from making further payments after completion of the IVA.
You will avoid Bankruptcy which should only be considered in exceptional circumstances.
You only have to make one monthly payment which will be affordable.
The IVA arrangement is legally binding so that your creditors cannot change their minds once they have agreed. Once the IVA is in place your creditors cannot bring any other action against you as long as you maintain your reduced monthly payment.
All your debts will be cleared in 60 months or less if you decide to pay off a lump sum.
You will receive no more calls or letters from your creditors and legal action can not be taken.
To discuss the IVA process further please call one of our experienced advisors now on Free Phone 0800 093 6505.
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