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Individual Voluntary Arrangement

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Take Control of Your Debt with an Individual Voluntary Arrangement (IVA)


An Individual Voluntary Arrangement is a debt solution which can be utilised by anyone who is insolvent and has more than one creditor debt. Whilst using an IVA, someone in debt can have all of their monthly repayments to creditors placed into a single lump sum each month which is calculated in accordance with how much they can realistically afford to pay. The loan term for any of the debtors liabilities are amalgamated into a single 5 year period, during which time the debtor must make the reduced monthly repayments each month in order to retain the arrangement. Moreover, attaining an IVA will mean that all interest and late fees be charged on an individual’s debt will be frozen whilst all creditors will be unable to pursue legal action from the moment that it is officially put into place.


In order to acquire an IVA, a debtor must attain the services of an insolvency practitioner, who will process the application for their IVA and collect future repayments in the future. The insolvency practitioner will convene a meeting between the debtor and the creditor and propose that you enter onto a reduced repayment arrangement. As long as 75% of them are happy with this, all become bound to the terms of the IVA, and the debtor can begin to make affordable monthly repayments immediately. During the IVA, the debtor will be able to keep their home and their assets, making it an ideal solution for those who wish to retain their current lifestyle.


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Debt written off in 5 years

As long as you adhere to the terms of your IVA and stick to the monthly payment arrangement, all of your unsecured debt will be cleared after 5 years, even if you don’t pay the full amount back during the arrangement.

A monthly affordable payment

We will work closely with you to ascertain the ideal sum of money you can afford to pay towards your debt each month, and will negotiate to ensure that you are well placed to achieve a new arrangement.

Home retention

An IVA comes with the huge benefit that you will keep possession of your home, so that you can move forward in the future without having to worry about the bailiffs coming round.



Want to find out about more debt solutions?

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Debt Management Plan


Debt management plans are tailor made and take into consideration your monthly income and outgoings to lower your loan repayments to one affordable sum. If you are interested in a debt management plan find out more.

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Debt Consolidation


Consolidating your debts may make them more manageable for you as the entirety of your unsecured loan repayments can be amalgamated into a single monthly sum. Discover how we can help you with debt consolidation.

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Bankruptcy


Bankruptcy can be a quick solution to tackle your debt, and whilst it is not suited to everyoneit can nevertheless prevent you from spending years of your life trying to clear your debt.

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Altruistic aftercare

Having someone their during your debt is not enough to provide a high quality finance service, and our specialists will retain contact with you after your IVA to ensure you do not fall back into debt.


Court protection

Once you begin an IVA, all creditors will be barred from trying to take you to court, meaning that you can rest easy about the status of your debt.


Asset protection

An IVA allows users to keep ownership of their assets, such as their car or jewellery, providing that they are not worth over £5,000.


Interest removal

As long as the IVA arrangement is accepted by 75% of the creditors, all will be bound and late and interest fees will stop being applied to your debt, so it doesn’t spiral out of control.


Stop Creditors Chasing You!

    We’ll handle interaction with all of your unsecured creditors on your behalf and negotiate with them in order to try and attain the best possible revised repayment arrangement for your debt. Furthermore, our altruistic financial advisors will serve as the sole point of contact between yourself and your creditors throughout the creation, implementation and course of your chosen debt solution in order to protect you from the harassment often exhibited by aggressive creditors. Contact us today and start the process of tackling your debt problems head on today.


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285

People are declared insolvent or bankrupt every day in the UK

£163 M

Was the daily amount of interest paid on personal debt in November

18 min

Is how often a property is repossessed in the UK

£3,167

Is the average adult consumer borrowing in Nov 2013

1,315

People a day reported they had become redundant

346

Purchases were made in the UK every second using debit and credit cards


Want to find the best debt solution for your individual financial circumstances? Contact us today and take control of your debt.

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Customer service

We have a staunch company policy of high quality customer service and as such will always be just a phone call away throughout the course of your debt solution if you ever require any help or advice.


Finance experts

All of our members of staff have worked in the finance industry for a number of years now and as such will analyse your financial situation and produce a number of custom solutions to your debt that reflect your circumstances the best.


Devoted aftercare

If you complete your debt solution successfully, we will retain contact with you in order to make sure that you are carrying on your upward trajectory with your money management.


Harassment Protection

Once you seek our help, we will take over all interaction with your creditor’s and work hard to ensure that they cannot harass you by letter, email or telephone anymore, so you can concentrate on tackling your debt.


  • How it Works
  • The Advantages
  • The Disadvantages
  • Is it Right for Me?

An Individual Voluntary Arrangement is a measure that can be taken be any individual who is legally classified as insolvent and has more than a single piece of unsecured debt. Under an IVA, an individual can come to an arrangement with their lenders which sees their loan term extended to 5 years and their monthly repayments for all creditors reduced to a single, lower payment which is determined in accordance with how much they are able to pay.
The process of entering onto an IVA usually takes on month, during which time a debtor must attain the help of a qualified Insolvency Practitioner, who will function as their official ‘nominee’ who manages, regulates and processes their IVA. The Insolvency Practitioner will arrange a meeting between an individual in debt and their creditors and propose a modified payment structure which will lower the debtor’s monthly repayments to all their lenders into a single, lower sum which is determined through a meticulous evaluation of how much they can afford. So long as 75% of the debtor’s creditors consent to the new arrangement, the IVA will begin immediately, and the insolvency practitioner will be then be tasked with collecting repayment off the debtor each month and distributing it.
Providing that the debtor sticks to the arrangement, all of their unsecured debt will be written off after 5 years, regardless of whether they have paid the full amount back during the arrangement. Failure to make the revised, lower monthly payments on time can result in the IVA being terminated and the debtors creditors pursuing further legal action, though it is possible to change the arrangement if special circumstances arise.

At Debt Success, we have a multitude of financial specialists who will help you with your financial difficulties and ascertain if an IVA is ideally suited to you. If you believe an IVA could help your situation, or have any further enquiries, call us and we will give you all the time you need to tackle, address and alleviate your financial problems.

  • Entirety of unsecured debt is written off on completion of 5 year period, regardless of complete payment.
  • You will be allowed to retain your home, so your day-to-day living will not be disrupted by property repossession.
  • Providing your car is worth less than £5,000, you will be able to retain ownership whilst on an IVA.
  • All interest and late fees on your loan will be frozen.
  • Once an IVA is put into place, a moratorium period is enacted which bars creditor’s from pursuing legal action against you.
  • Single payment each month made to address all your debt that is determined in accordance to how much you can afford to pay.
  • As with all debt solutions, your credit rating will be adversely affected by using an IVA and a record will remain on your credit history for up to 7 years.
  • You may be asked in certain cases to release equity in your property in the final year of your IVA via a remortgage.
  • Improvements to your financial situation whilst you are on an IVA must be immediately conveyed to your presiding insolvency practitioner who could ask you to pay a larger amount each month toward your debt.
  • You must acquire the services of a qualified insolvency practitioner, as they are necessary to manage your IVA, process your application and receive payments in the future to distribute to you creditors.
  • You have to be classifiable as insolvent. This means that your total debt must be larger than the total value of your assets combined.
  • You must be able to clearly display that you have no way to repay your debt at present.
  • You must not have made an application for an IVA or Bankruptcy in the last year.

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For more information, please visit:
 
How does an Individual Voluntary Arrangement work?
Selecting an Insolvency Practitioner for your IVA
What to do if you miss one of your IVA payments
How an IVA will affect your credit rating
If your situation changes – individual voluntary arrangements