Individual Voluntary Arrangement (IVA)
IVA
Once you have provided us with some information about your current circumstances,
we'll be able to recommend the best plan to help you return to financial stability.
We'll tailor an individual strategy for you which may involve one of the following
options:-
• Individual Voluntary Arrangement (IVA)
• Bankruptcy
• Informal Agreement
An IVA, or Individual Voluntary Arrangement, is a crucial piece of legislation
introduced in 1986. Through an IVA you can avoid the trauma of bankruptcy and
an IVA is suitable for many people who owe more than £15,000 and are in
regular employment.
An IVA is a legally binding agreement that protects you against any further action
from people who are chasing you for money. Once you are in an IVA it is possible
that in sixty months you could be free from debt.
With an IVA you agree with your creditors that you’ will only pay what
you can afford. You make a single payment each month over the five year period.
Your creditors agree to write off the debt that you cannot afford to repay and
leave you alone.
So, if your debts are so serious that you face the possibility of bankruptcy,
an Individual Voluntary Arrangement could be a preferable option for you. A Debt
Management plan may also be an option but it is not legally binding and your creditors
can later change their minds if they wish to – something they cannot do
with an IVA.
If we recommend an Individual Voluntary Arrangement for you, we will negotiate
with your creditors for you and develop a legally binding proposal involving lower
affordable monthly payments for you. The Individual Voluntary Arrangement will
usually last for five years, after which your debts are cleared and you will have
avoided bankruptcy and the restrictions that are associated with it.
To discuss Your Financial Position take that first
important step and call us Now on 0161
834 7025
.......Read more
For more information about IVA please see:
IVA - FAQ • IVA
- Pros & Cons • Other
Debt Solutions
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