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The IVA or Individual Voluntary Arrangement was introduced in 1986 as an essential piece of legislation which allows debt holders to avoid the trauma and credit rating set backs from declaring bankruptcy.
IVAs can write off up to 75% of your debts if you follow the arrangement plan. Your creditors are legally obliged to agree to write off the debt which you are not able to repay. The IVA application is fairly detailed but no credit search is carried out. The main benefits of an IVA are:
1) Interest fees and charges are frozen -> saves money
2) Make just one reduced monthly payment -> saves money
3) Improve your credit rating after you complete an IVA -> save money on future borrowings
4) It does not have any career or property title restrictions
5) IVAs are not published in any papers
An Insolvency Practitioner will usually prepare your Voluntary arrangement Proposal for your creditors.Once in place, you do not have to deal with your creditors after this which, for many will signal an end to the calls and letters chasing repayments. After the final IVA repayment is made on the arrangement, you can start building your credit rating back up again.
1) Interest fees and charges are frozen -
2) Make just one reduced monthly payment -
3) Improve your credit rating after you complete an IVA -
4) It does not have any career or property title restrictions
5) IVAs are not published in any papers
An Insolvency Practitioner will usually prepare your Voluntary arrangement Proposal for your creditors.Once in place, you do not have to deal with your creditors after this which, for many will signal an end to the calls and letters chasing repayments. After the final IVA repayment is made on the arrangement, you can start building your credit rating back up again.
IVAs are a legally binding agreement which protect you against any further legal action from creditors. Once you have signed up and committed to an IVA, you could become debt free in 5 years.
After assessing your own financial affordability, you agree with your creditors to paying only what you can afford in a single payment each month over the five year period. Hence you save the difference between what are currently paying on your debts and what you can afford to pay under an IVA.
IVAs usually suit people who have debt amounting to £50,000 and more, provided that they are in regular employment and they can afford to make a steady stream of agreed payments.
After assessing your own financial affordability, you agree with your creditors to paying only what you can afford in a single payment each month over the five year period. Hence you save the difference between what are currently paying on your debts and what you can afford to pay under an IVA.
IVAs usually suit people who have debt amounting to £50,000 and more, provided that they are in regular employment and they can afford to make a steady stream of agreed payments.
IVAs (independent voluntary arrangements)