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. Once your circumstances have been assessed and you have made the decision to do an IVA you will be passed over to our sister company Tudor & Kirk.
Services provided by Debt Stop Direct Ltd will incur charges please see our FAQ's for more information.
What are the benefits of an IVA?
What are the cons of an IVA?
For more information on the various debt solutions available to you please read the document on the following link In Debt? Dealing with your Creditors
Are We Qualified?
We at Debt Stop Direct are one of the first few regulated debt management companies to have staff take and qualify in CertDR (Certificate in Debt Resolution)
CertDR is accredited by the UK examination board of Edexcel and has been welcomed by regulators of the industry such as the Office of fair trading, Ministry of justice, Insolvency service and the Insolvency Practitioner Association.
This means the staff you talk to are highly knowledgeable and qualified to give the correct and fair advice regarding debt solutions
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.
Typical IVA's last for a period of 60 months, however this can vary from case to case
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. Once your circumstances have been assessed and you have made the decision to do an IVA you will be passed over to our sister company Tudor & Kirk.
Services provided by Debt Stop Direct Ltd will incur charges please see our FAQ's for more information.
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
What are the cons of an IVA?
- The insolvency practitioner may require payment in advance for preparing your proposal and getting your creditors’ agreement.
- Your IVA is entered on a public register
- If there is some equity (value) in your home after taking account of the mortgage(s) on it, you will probably have to pay for your share, usually in the fifth year of your IVA, by re mortgaging the property. If you can’t get a re mortgage, you may have to continue making monthly or quarterly payments from your income, for up to another year
- If your circumstances change, and your practitioner can’t get creditors to accept amended terms, the IVA is likely to fail. You will then still owe your creditors the full amount of what you owed them at the start, less whatever has been paid to them under your IVA.
- If your IVA fails, you may be made bankrupt
- Whilst on the IVA and for 6 years after completion you could suffer with a reduced credit rating which may affect your ability to obtain credit.
For more information on the various debt solutions available to you please read the document on the following link In Debt? Dealing with your Creditors
Are We Qualified?
We at Debt Stop Direct are one of the first few regulated debt management companies to have staff take and qualify in CertDR (Certificate in Debt Resolution)
CertDR is accredited by the UK examination board of Edexcel and has been welcomed by regulators of the industry such as the Office of fair trading, Ministry of justice, Insolvency service and the Insolvency Practitioner Association.
This means the staff you talk to are highly knowledgeable and qualified to give the correct and fair advice regarding debt solutions
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.
Typical IVA's last for a period of 60 months, however this can vary from case to case
To find out more about IVA call us today or complete our online enquiry form.
Conditions apply please click this link for more information
