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.
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.