IVA UK – Individual Voluntary Arrangement
If you are currently living in England, Northern Ireland or Wales and are struggling to pay your credit cards, personal loans and finance agreements then an Individual Voluntary Arrangement or IVA could be the solution for you.
An IVA is similar to a debt management plan where an agreement is made with your creditors for them to receive a monthly payment.
The main advantage of an IVA compared to a debt plan is that your creditors are unable to take legal action against you. This can give immediate relief knowing that your debts are getting serviced whilst having only one monthly payment.
Advantages of IVA UK
- Potential to reduce payments up to 70% or more
- Lenders cannot take legal action
- No upfront fee payable by yourself
- All outstanding credit will be fully paid off after 60 months
- Interest on all accounts will be frozen
- Handled by a licensed Insolvency Practitioner
- An agreement with the creditors to accept the proposal
- The proposal is for the lenders to accept a lower amount than the amount outstanding
- Payment calculated on disposable income before unsecured debt payments
- Lump sum payments can be made
- Licensed Insolvency Practitioner manage payments on behalf of yourself
For residents of Scotland a Scottish Trust Deed is an alternative to an individual voluntary arrangement or IVA.
Call now for more details on 0800 3457891
Fees payable
- there is no upfront fee payable apart from any advice fee the adviser may charge (maximum £285)
- the Insolvency Practioner will charge a fee which is taken into consideration when the creditors agree to accept the IVA proposal. The IVA monthly payments agreed will be inclusive of the fee. A typical fee would be 15% of the IVA amount agreed
Failure to maintain payments on an IVA agreement may result in bankruptcy
