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IVA, Bankruptcy & Debt Solutions

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IVA

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IVA

IVA Advice

IVA (Individual Voluntary Arrangement) is a formal agreement with your creditors, which can usually clear your debts in 60 months. It is supervised by our Insolvency Practitioner who prepares a monthly payment proposal on your behalf, based on what you can afford. IVA can be considered in higher debt level cases, where over £20,000 is owed, and if you want to avoid bankruptcy and keep your home.

When considering an IVA proposal, your creditors will want a brief history of your financial circumstances and will want to ensure you are making the best offer possible, based on your circumstances.

IVA acceptance results in the freezing of interest and other charges on your accounts. It is also a feature of the IVA that all creditor correspondence will stop whilst the IVA is in force. This means that you won't be receiving those phone calls or letters that you dread every day.

If you own any assets, such as a property, your creditors must be informed of their value along with how much you owe on a mortgage and/or secured loans. This is to establish whether you could lend any further money, secured on the property, to pay into the IVA. In the majority of IVA cases, there are no funds available. In some IVA cases, individuals can re-mortgage and repay their debts using reduced settlement figures. We will personally advise you on your particular situation when we discuss the IVA and other options. .

The Right IVA Advice

Everytime

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THE BIG QUESTIONS	IVA	Debt Management	Do Nothing	Bankruptcy
Will My Debt Stop Increasing?		NO	NO
Will My Creditors Stop Chasing Me?		NO	NO
Will I Be Able To Keep My House?			?	Unlikely
Does It Avoid Bankruptcy			NO	NO