Individual Voluntary Arrangements (IVA)

Debt Reduction: Pay What YOU Can Afford

• Do you have unsecured debts over £10,000?
• Are you missing your monthly payments?
• Are creditors knocking on your door?

If you are nodding frantically at any of the above then an IVA may be the best option for you. An IVA is the only affordable solution that can write off part of your debt. This could leave you debt free.

An IVA is a legal process that will protect you and your rights. An IVA allows you to make a formal proposal to your creditors for a debt settlement, to help clear some of your debts. Normally over a period of 5 years, you will repay what you can afford, and any outstanding unsecured debt not paid through the IVA after 5 years will be written off by your creditors.

Don’t put your home at risk; An Individual Voluntary Arrangement will protect assets such as your house. For complete debt relief, and to put a stop to debt collectors knocking on your door, speak to one of our advisors for the best IVA advice

Thumbs Up For An IVA

If accepted...

• All interest and charges on your unsecured debts will be frozen
• You will be protected from any further court action by your creditors. They will have no reason to contact you by letter or telephone
• Get a fresh start after your debts have been written off
• Avoid bankruptcy with an IVA
• All unsecured creditors will be bound by the IVA so you will be protected
• Your payments will be based on what you can afford
• IVAs are not published in local papers, unlike bankruptcy
• It will not affect professions such as the police force or armed forces. Neither will it affect your ability to hold public office or act as a company director

• You will be required to stick to a budget for the term of the arrangement (usually 5 years)
• All assets and liabilities must be declared; if you own assets of excessive value, the creditors can ask that they be released for the benefit of the creditors
• You may be required to make additional payments (normally for an extra 6-12 months) if you wish to exclude your property from the arrangement
  
• Windfalls such as inheritance or bonuses must be declared to your IVA Supervisor
  
• All IVAs are recorded and is likely to appear on your credit file

Other possible options: Re-Mortgage | Debt Consolidation Loans | Monthly Payment Plan | Bankruptcy

Conditions apply. Subject to eligibility and status. Your credit rating will be affected for the next six years. Debt write off applies only where Individual Voluntary Arrangement ‘IVA’ is suitable and applies at the end of duration of IVA. Alternative solutions may be offered. Failure to adhere to an IVA can result in bankruptcy. An IVA or Bankruptcy should only be considered in extreme circumstances.