IVA
An Individual Voluntary Arrangement (IVA) is a formal arrangement between you and your creditors that lasts for 60 months. It gives you legal protection from your creditors, ensures no further interest or charges are applied to any of your debts and means you only repay what you can reasonably afford. At the end of the IVA any remaining debt is written off and you
are debt free.
Our specialist advisors are extensively trained to assist you with the process of applying for an IVA which must be overseen by a licensed professional. To qualify for an IVA you must owe more than £15,000 to more than one creditor and be able to afford a regular minimum monthly payment which we will calculate for you.
What are the benefits of an IVA?
Case Study
Name: Mr K.
Mr K owed £25,000 to his creditors and was struggling to meet the minimum payments they required of £540 each month. Due to this, interest and charges were continuing to be applied each month and his debt level was increasing. He was also receiving letters from debt collection agencies threatening further action if the payments were not made. After assessing his personal circumstances an IVA was put forward offering £220 per month for 60 months. Mr K entered into his IVA in January 2009 after offering to repay £13,200 of the £25,000 owed and no longer has any contact from his creditors. Upon successful completion of the IVA the remaining debt of £11,800 will be written off and he will then be debt free. We specialise in ensuring an IVA is right for you by undertaking a review of your individual situation and circumstances.
To find out more about IVA call us today or complete our online enquiry form.
Conditions apply please click this link for more information
An Individual Voluntary Arrangement (IVA) is a formal arrangement between you and your creditors that lasts for 60 months. It gives you legal protection from your creditors, ensures no further interest or charges are applied to any of your debts and means you only repay what you can reasonably afford. At the end of the IVA any remaining debt is written off and you
are debt free.
Our specialist advisors are extensively trained to assist you with the process of applying for an IVA which must be overseen by a licensed professional. To qualify for an IVA you must owe more than £15,000 to more than one creditor and be able to afford a regular minimum monthly payment which we will calculate for you.
What are the benefits of an IVA?
- One single monthly affordable payment usually over a period of 60 months
- Creditors will no longer contact you by letter and/or telephone regarding payment of your debt
- Monthly repayments are set at an affordable amount prior to the IVA starting
- Legal protection from any creditor proceedings
- Avoid Bankruptcy
- Overseen by a regulated and licensed professional Insolvency Practitioner
- Private arrangement between you and your creditors
- Writes off the unsecured debt you can’t afford to repay
Case Study
Name: Mr K.
Mr K owed £25,000 to his creditors and was struggling to meet the minimum payments they required of £540 each month. Due to this, interest and charges were continuing to be applied each month and his debt level was increasing. He was also receiving letters from debt collection agencies threatening further action if the payments were not made. After assessing his personal circumstances an IVA was put forward offering £220 per month for 60 months. Mr K entered into his IVA in January 2009 after offering to repay £13,200 of the £25,000 owed and no longer has any contact from his creditors. Upon successful completion of the IVA the remaining debt of £11,800 will be written off and he will then be debt free. We specialise in ensuring an IVA is right for you by undertaking a review of your individual situation and circumstances.
To find out more about IVA call us today or complete our online enquiry form.
Conditions apply please click this link for more information
