IVAs – Debts Over £5000
Write Off Up To 70% Of Debt With An IVA. Reduce Payments to What You Can Afford.
About IVA’s (Individual Voluntary Arrangement)
Write off up to 70% of Debt with an IVA
An IVA (Individual Voluntary Arrangement) is a formal legal arrangement between you and your creditors whereby a reduced repayment amount is agreed. As part of the arrangement, interest and charges may be frozen as long as payments are kept up to date and not missed. An IVA is carried out where people can no longer afford their contractual payments and is usually for people with debts of over £5000 with two or more creditors.
An IVA is carried out and administered by a licensed Insolvency Practitioner (IP). After establishing your financial position, a meeting is held between your creditors and IP, whereby an agreement is reached to write off a proportion of the debt (in some cases up to 70%). A payment arrangement is put in place for the remainder, which is paid back over 5 years (60 months).
If you’re interested in finding out more about an IVA, or to see if you qualify – Click Here >
Some features of an IVA:
Write Off a Proportion of Debt (Up to 70%)
Have 1, Single Monthly Payment For All Debts
Reduced Monthly Payment – Which You Can Afford
Further Interest & Charges Are Frozen
No More Creditor Harrassment
Creditors Are Dealt With On Your Behalf
A Fixed Term of Usually 5 Years (60 months)
Entering into a DMP, IVA or Bankruptcy is likely to affect your Credit Rating
(Although it is likely that your credit may already be suffering).
There is no obligation on creditors to accept the reduced payment plans, nor to freeze interest – however if a plan is administered properly and regular paymemts are made, creditors are usually happier to receive a reduced amount rather than no amount at all.
Regular payments must be made once an arrangement has been made with creditors. Failure to make payments can lead to arrangements breaking and further interest and charges being added.
As an IVA is a formal legal agreement with your creditors – you MUST keep up the repayments. And also inform your Insolvency Practitioner of any change in circumstances.
Sometimes, entering into a debt management plan with your creditors can lead to the overall term of the repayment schedule to be lengthened.
Finding You The Right Debt Solution
If you’re unsure about which debt solution is right for you, or which way to turn, then we can help by putting you in touch with our panel of specialist debt advisors.
Receive Your Consultation
A debt advisor from one of our selected debt partners will contact you to assess your indiviual circumstances and then present you with your debt solution options.
You are then free to decide in your own time whether to proceed.
There is No Charge For Your Initial Consultation