IVA Solutions
What IVA solutions are available to someone with serious debt problems?
An IVA (Individual Voluntary Arrangement) is a formal debt solution based on UK law which binds all unsecured creditors into the new IVA agreement. An IVA allows someone in financial difficulty to make a formal proposal to settle his/her debts within a fixed period of usually 5 years. The IVA proposal to creditors would be based upon the debtor repaying what you can reasonably afford over the agreed period. Subject to satisfactory repayment any outstanding debt amounts will be written off in full. The IVA solution also prevents any further legal action by creditors.
How to qualify for this IVA solution?
In order to qualify for an IVA you will need at least £12,000 of unsecured debts with the money being owed to at least 2 different creditors. Providing that you can afford a reasonable repayment to satisfy your creditors (the amount you would be required to repay varies depending on the amount of debt) then you can make an application for the IVA.
What are the main advantages and benefits of the IVA solution?
- An IVA is a completely private and confidential arrangement
- Most IVAs can be set up in only a few short weeks (although we would deal with your creditors from day one)
- All unsecured debts are included and consolidated into one affordable monthly payment
- The agreement only lasts for a fixed period of time (usually 5 years)
- Once you enter into an IVA all interest and charges automatically stop
- All creditor action including annoying telephone calls must immediately cease
- At the end of the agreement the remaining debt will be written off in full.
- You will be able to regain control of your financial life immediately.
You must ensure that you only deal with a firm of qualified insolvency practitioners rather than just an IVA introducer when considering the IVA as a solution to your debt problems. There are only a small limited number of IVA solutions providers such as us across the UK. We offer completely free and impartial advice to ensure that the IVA is completely tailored to your individual circumstances.
We are one of the leading IVA solutions specialists in the UK and deal directly with many 1000`s of IVAs each year. Our practitioners are specifically authorised by the government to set up and supervise these arrangements. Simply complete the form or call us on 0800 043 50 43 to see if you qualify for an IVA.