Individual Voluntary Agreements (IVAs)
If you have any amount of debt above £15,000, you should contact us. We can offer you FREE advice and can explain how you can be debt free in 60 months paying just one affordable monthly payment.
An Individual Voluntary Arrangement (IVA) is a legal process by which you can gain protection from your unsecured creditors by entering into a legally binding repayment agreement with them.
How does an IVA work?
The arrangement is supervised by a licensed Insolvency Practitioner who is responsible for all negotiations with your creditors and for ensuring that you make all of the payments required under the terms of the arrangement.
You will normally be required to make regular monthly repayments, usually over a 5-year period, after which any balances remaining on your debts are written off.
If you are a homeowner, at some stage you will normally be required to release some equity that you may have in your property.
Once your creditors agree to an IVA, all interest and charges on your unsecured debts will be frozen.
Your supervisor in the IVA is required to review your financial situation every year and, as a result, you may be required to increase your monthly contributions into the IVA.