IVA Help & Advice in England, Uk

iVA or an Individual voluntary arrangement as it is otherwise known, is a government approved scheme to clear personal debts over a fixed period of time, usually 60 months.

It is the best solution available to people who cannot afford to repay all of what they owe in a realistic time frame and also an option to avoid bankruptcy.

An iVA is a legally binding agreement between the creditor who is the company or person lending the money and the debtor, the person or company who owes the money.

An iVA enables the debtor to pay back a percentage of what is owed in total whilst the remainder is written off at the discretion of the creditors.

As it is a legally binding agreement, the debtor will pay one fixed payment a month over the next five years.  

The debtor is locked into this arrangement and must maintain payments or the creditors can petition for their bankruptcy if the monthly payments are defaulted on.  

An iVA can make an individual release equity (money) out of your property to increase the contribution of what is repaid to your creditors.  If you are looking to protect your equity in your home then other alternatives are available such as Debt Management which is basically a structured repayment plan.

Some one who enters into an insolvency agreement will find it very difficult to obtain credit whilst on the iVA or in months or years after the iVA has finished.

It is important that you take the best advice on an iVA as it is contractual and legally binding, the consumer could have problems during the iVA process if not fully understanding of what to expect.

CALL FREE TODAY, IN TOTAL CONFIDENCE FOR A FREE NO OBLIGATION CONSULTATION USING 0800 018 6868 or contact us online