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Making an enquiry is the first step to becoming debt free. Don't forget we can help you:
- Consolidate you debt into one
- Become debt free within 60 months
- Write up to 75% off you debt
- Stop interest and charges
- Stop creditor hassle
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Please call us on 08000 122 118 for free, no obligation help & advice.
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 settled.
Due to its formal nature, an Individual Voluntary Arrangement - IVA has to be set up by a licensed professional
Unlike private sector firms our teams do not charge any upfront fees for putting together a client's proposals for an Individual Voluntary Arrangement - IVA.
An IVA will:
- Consolidate you debt into one
- Become debt free within 60 months
- Write up to 75% off you debt
- Stop any legal action against you.
- Freeze any charges and interest.
- Stop demanding communications by your creditors.
- Wipe–out existing CCJs.
How does an IVA work?
An IVA (Individual Voluntary Arrangement) is a legally binding covenant between you and your creditors. Like a debt management plan, you agree to pay off lower amounts towards the total value of your debt. Over a period of usually 5 years, your debt is written off, having paid back only a percentage of the original value. This means that an IVA can write off up to 75% of your debts.
Based on your financial circumstances, a repayment proposal is drafted, and sent to your creditors. If 75% of your creditors (in terms of value of debt) agree to the suggested repayment schedule, the law states that all other creditors must concur. This law was designed to make avoiding bankruptcy more realistic, giving you greater peace of mind in your road to becoming debt free.
IVAs are heavily regulated. This ensures you get the best possible service and advice; giving you peace of mind that negotiations with your creditors are effective. Due to the formal nature, an IVA has to be set up by a fully accredited professional, called an Insolvency Practitioner (I.P.).
Throughout the term of your IVA, your financial situation will be regularly reviewed in order to establish whether there has been any change in your position.
IVA Summary
You could be eligible for an IVA if:- Your total debt £15,000 or more.
- You have three or more unique creditors
- You are in regular employment with a stable income
- Your income allows you to fulfil the minimum payments
Summary of benefits
- Fully qualified Insolvency Practitioners, and their staff speak with your creditors, leaving you stress free.
- Your IVA is private, and as such will not be published in the local paper. Your professional reputation is therefore unblemished.
- You pay one regular payment, based on disposable income – usually £200 p.m. minimum.
- Fully qualified Insolvency Practitioners, and their staff speak with your creditors, leaving you stress free.
- Only 75% of your total creditors need to agree to the terms and conditions of your personal IVA. This means that the other 25% also become legally bound to the agreement.
- Creditors cannot renege on your agreement, once you are accepted onto an IVA, unless you agree.