IVA (Individual Voluntary Arrangement)
If you are seriously struggling with your debts and have no real prospect of being able to fully repay them, but have some money available each month to contribute towards your debts, then an IVA could enable you to become debt free, usually in 60 months.
An IVA is a legally binding agreement between you and your creditors, administered by one of our Insolvency Practitioners (IP). The IP and their team will assess your suitability for an IVA, draw up and submit a proposal to your creditors (based on what you owe and what you can reasonably afford to pay each month) and, if the majority of your creditors agree, it will become a final, legally binding settlement.
You then simply make one monthly payment to us and we administer your IVA for you, making payments to your creditors as agreed. With an IVA you could:
- Benefit from a solution that is backed by the Government & legally binding
- Write off the debt you cannot afford to pay
- Stop demands from your creditors, and freeze interest & charges
- Have a date when you know you will be debt free (usually 60 months)
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Subject to eligibility and acceptance – conditions apply. Your ability to obtain credit will be affected for 6 years. Homeowners may be required to release the equity in their property. Debt write off applies only on successful completion of an IVA. Fees are payable, taken out of your monthly contributions towards your IVA, and will be notified in advance.
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