Individual Voluntary Arrangement
An IVA (or Individual Voluntary Arrangement) is a legal agreement between you and the people you owe money which lets you make one monthly payment to them that you can afford.
If it is decided that you can't reasonably be expected to repay certain aspects of your debt, this can sometimes be written off.
The many advantages of an IVA include:
- Write Off Upto 80% of Debts
- Guaranteed to Freeze Interest & Stop Charges
- One Affordable Monthly Payment
- Complete Legal Protection from Creditors
- Take Control of Your Debts Without A Loan
- Help You Regain Control of Your Finances
An IVA is legally binding. For an IVA to be agreed, creditors owing a minimum of 75% of your debts must accept the IVA. It is possible for creditors owning 25% of the debt to block the agreement. At this time you will need to consider an alternative debt solution such as bankruptcy or a debt management plan.
Factors you need to consider:
- Your Credit Rating Will Be Affected
- Only Unsecured Debts Can Be Written Off
- Home Equity May Have To Be Released
- Legally Binding Agreement
- Your Name Will Be Included In The Insolvency Register
- There Is A Risk of Bankruptcy If The IVA Fails
- Solution Is Only Available in England, Wales and NI.
If you think an IVA could help you with your existing debt issues, why not get in touch and provide a little information about yourself and your situation, and one of our dedicated debt specialist partners will give you a call. They will tell you whether you qualify for debt help, and will help you understand what options are available to you.