What is an IVA ?

Since they were first introduced in the year 1986, Individual Voluntary Arrangements, or IVAs, have helped thousands of individuals in the United Kingdom get out of debt.

Individual Voluntary Arrangements can help you avoid bankruptcy, keep your home, and get out of debt within a period of five years. An Individual Voluntary Arrangement is a legal process that applies to those individuals with unsecured debts that they are unable to afford. It is a formal agreement among you and your creditors that enables you to pay them what you can afford, usually in a period that exceeds sixty months. After that period, the outstanding debt is then written off.

IVAs are very effective, in that they can help you reduce your debt by up to seventy percent. You only have to repay what is affordable after taking in to account your personal circumstances. What is more, within five years, you will be completely debt free. (This factor is, it must be said, dependant on approval of 75 percent of your creditors. It also requires that you maintain your payment schedule throughout the duration of the IVA.)

IVAs also put an end to harassment from creditors and debt collectors, as they are not allowed to pursue you once an IVA has been put in place. IVAs help avoid bankruptcy, as your creditors are not allowed to bankrupt you as long as you continue to maintain your IVA payments.

Finally, IVAs stop interests from gathering upon your debts.

 

The main points of an IVA

 

• NO FEES since creditors pay them
• Upto 75% of your debt written off!
• NO Creditor phone calls or letters
• NO Interest or charges
• DEBT FREE in just 60 months
• ONE easy affordable payment
• Repaired credit history
• Private agreement
• A government backed scheme

 

See if you qualify for free! Call us now for free confidential advice on 0844 800 4564