An Individual Voluntary Arrangement (IVA) is an important piece of government legislation. An IVA allows you to avoid the trauma of bankruptcy, and is for applicants who owe more than £12,000 to 3 or more creditors. Like many similar solutions, you must be in regular employment.
Our Debt Management programmes will reduce and eventually clear all your outstanding debt by management of your assets and by dealing directly with your creditors.
Please feel free to contact us if you need more information.
A Debt Management or Financial Management programme provides a structured repayment schedule for your unsecured debts. The amount that you repay each month is based entirely on what you can afford. You pay the monthly amount to the debt management company and this is then divided fairly between your creditors. This not only means that creditors should stop contacting you, but that interest and charges on your debts may be frozen so that any money that is repaid goes directly towards paying off your debts.
Any UK resident with two or more creditors and over £1000 of unsecured debt can apply. If you apply for a Debt Management Plan, our advisers will guide you through the process by telephone, giving you professional advice on whether Debt Management is the right course of action for you.
How does an IVA work?
An IVA is…IVA defined
An Individual Voluntary Arrangement – IVA is a formal agreement between you and your creditors where you will come to an arrangement with people you owe money to, to make reduced payments towards the total amount of your debt in order to pay off a percentage of what you owe then generally after 5 years your debt is classed as Debt settled.
The Purpose of IVA
It is a legally binding agreement between you and your creditors (people you owe money to). It helps those in financial difficulties to make a formal proposal for thier Debt Settlement.
For further questions contact Us or See the detailed IVA and Debt Management Frequesntly Asked Question section. For more information about the IVA process, please click here.