Individual Voluntary
Arrangement
Many people have never heard of an Individual Voluntary Arrangement (IVA). Yet these are incredibly useful for those having too much debt.

Who is an IVA suitable for? What are the risks of an IVA?
Advantages of an IVA What is an IVA and How Does it Work
The Documentation You Need When Filing An IVA How Much Does an IVA Cost and How Long Does it Take?
Can Utility Bills Be Added To An IVA? What is an IVA and How Does It Help?
What is IVA? Does it really help me to settle my debt?

Applying for an IVA might be the best option for someone who's struggling with their monthly repayment plan. If several lenders are involved and the repayments are likely to fail because of interest rates applied or the current financial solution of the person in debt, an IVA can be applied to reduce damage to the lenders and to the applicant.

Whereas a lender does not regain the full amount with interest, by agreeing to an IVA they can at least recover a part of the owed amounts (usually between 25-60%) according to the current financial status of the applicant.

The usual repayment period is 60 months and after completing the Individual Voluntary Arrangement a person is debt free while having paid back only a given percentage of their debt to the lender. Our IVA advice is to take full advantage of the 60 months that are usually allowed for repaying debts.

Through this period of time, legal action to recover the entire owed amount is not possible, guaranteed by the Insolvency Act 1988.

The biggest advantage of an IVA is that debtors can "save" their property and yet pay off debts through a monthly affordable payment that is calculated by the creditor using the monthly income and the re-occurring expenses that the debtor has.

The most impressive financial advantage of Individual Voluntary Arrangements is the fact that further interest can't be applied to the owed amount, once the lender and debtor have come to an agreement on the monthly repayment amounts.

If you fulfil the three basic criteria mentioned an IVA could be the solution to your debt problems. Apply now for an Individual Voluntary Arrangement to have our friendly staff call you to discuss the possibilities of eliminating debt.
There are some criteria:

However, they are not for everyone.

  • Your debt amount, in total, needs to be more than £15,000.
  • You have 3 or more companies that you owe money to.
  • You have a regular income
    		•  
    If you normally have these 3 things, then an IVA might be for you.
    What happens in an IVA is that the creditors all agree to write off part of the debt and accept instead either a fixed sum now, or a fixed monthly payment for a number of years until the agreed proportion of the debt has been paid off.