IVA – Individual Voluntary Agreement
With an IVA you could:-
|Repay your unsecured debts in (normally) 5 years|
|Prevent or stop legal action, including bankruptcy|
|Freeze the interest and charges on your debts|
|Avoid repossession and keep your home|
This is a helpful guide – but it’s also good to talk
We recommend you don’t just rely on this helpful guide to see if you’re eligible for bankruptcy, but talk to our experienced debt advisors to ensure you choose the best way to solve your debt problem. Call FREE on 0781 222 3333.
IVA and what it means for you.
The formula to calculate IVA payments is fairly simple; it is based on what you can afford to pay each month. There is a minimum your creditors may be willing to accept, but part of the beauty of an IVA is the payments are based on what you can afford.
Yes, for some people it is the best option as they have property they would lose if they were to go bankrupt, or for some people being bankrupt can impact their job.
Without knowing all the details of your situation it is difficult at best to say an IVA is best suited for you. In order to be able to apply for an IVA you must have 2 creditors or more and at least £13,000 of unsecured debt.
IVA’s are a way for you to repay your creditors without going bankrupt, and for some people they would lose their homes if they were to go bankrupt.
That is one of the reasons why someone would want to choose to do an IVA over bankruptcy as it allows you to keep your home; for many people with property if they were to go bankrupt, they could very well have their house taken from them.
In an IVA you make payments of what you can afford for a period of five (5) years. During this period the accounts are frozen to any new charges and all the interest is frozen.
An IVA or Individual Voluntary Arrangement, is a way for you to repay your debts in a manner you can afford and to avoid going bankrupt.
Once you have made all the payments as required, which usually is five (5) years, you are out of debt and the IVA is complete.
Yes, you can do a joint IVA together and include all your debts and just have the one monthly repayment.
Use our eligibility form and we can further access your situation and what will work best for you.
With an IVA, you pay only what you can afford. Based on a formal agreement with your creditors, you consolidate your debt and write off up to 75% of what you owe.
Once the IVA is complete, which is usually after five years.
|Creditors cannot take any legal action against you|
|We will explain every step of the IVA process to you|
|We will help prepare all the paperwork for you to keep it simple|
|Our friendly, professional debt advisors will support you|