IVA’s

Written By Marketing Team

Struggling with debt?

Reduce your monthly payments & overcome problem debts in an IVA
What is an IVA?

An IVA - Individual Voluntary Arrangement is a legally binding arrangement with your creditors to pay all or part of your debts.

Your insolvency practitioner who you agree to make regular payments to will share this money amongst your creditors. You can get more control of your assets with an IVA than bankruptcy.

How does an IVA work? 

Your personal financial situation will be reviewed to assess your debt level & what you can realistically afford to pay each month. 

We can refer you to one of our preferred IP's  - Insolvency practitioners - if an IVA is suitable. If the formal proposal made to your creditors from your insolvency practitioner is accepted, extra charges or interest can no longer be added.

An IVA typically lasts 60 months. Providing all of your payments during this time have been made, all unpaid debt is written off.

Benefits of an IVA

  • One realistic & affordable payment over a set period of time

  • After successful completion of your IVA unaffordable debt is written off

  • Protected Legally - After your IVA has been approved, no further action can be taken by creditors & all interest & charges are frozen

  • The fees charged are taken from the affordable monthly payment you make over the agreed term of the IVA.

  • Interest and charges will stop

  • Support from a fully qualified team, who can help you through the journey.

Considerations

  • Creditors don't have to agree to an IVA proposal so it's not guaranteed

  • It affects your credit file for six years.

  • Your information will be held on the public insolvency register

  • There are costs involved with an IVA, which are outlined in our “Fees & Key information” section. However, costs are deducted from the contributions you make. These will be fully explained to you and detailed fully in your IVA proposal. 

  • No further credit will be able to be obtained during your IVA term

  • If you own a property/properties you may be asked to release any equity in them

  • If your IVA fails, it may result in Bankruptcy.

  • If you earn additional income then a percentage of this may need to be paid into the IVA. 

    Gas, electric & rent arrears

Credit cards, store cards & catalogues 

Council Tax Arrears & HMRC debt

Benefit Overpayments

Loans & Overdrafts

County Court Judgements

Marketing Team https://pwrboxgenerators.com
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