Advice about an Individual Voluntary Arrangement or IVA

What are the benefits of an Individual Voluntary Arrangement or IVA?

Once an IVA has been put in place, all Interest and charges are STOPPED for the term of the IVA. Your creditors cannot continue to add interest or charges.

With an IVA you are only then expected to make one payment each month which will be affordable and designed to satisfy your creditors and also clear your debts.

The terms of the IVA mean that your creditors can no longer continue to send you letters or call you on the phone. An IVA means all the letters and creditors calls are STOPPED.

Additionally, an IVA or Individual Voluntary Arrangement has the major benefit of preventing or stopping Bankruptcy and Court proceedings.

I've been refused for a debt consolidation loan - Is an IVA is still possible?

Because an IVA or Individual Voluntary Arrangement has a fixed period of repayment of no more than 5 years / 60 months you have an exact end date when your debts will be cleared, assuming you adhere to the terms of the IVA. All further interest and charges are frozen by law. On the day you make your final IVA repayment, all outstanding debts are legally written off by your creditors.

An IVA agreement is legally binding and therefore creditors cannot demand increased payments once the agreement is made.  call us for FREE debt help today!

The IVA process guarantees that creditors included in the IVA process cannot start or continue with any form of court action.  An IVA can be refused or rejected, you can also fail on an IVA.

Will having an Individual Voluntary Arrangement have any long term consequences?

For professional people, discretion whilst trying to deal with debts without damaging career prospects is vital. The Individual Voluntary Arrangement IVA is discreet and can be used by the armed forces, Police Force personnel and National Health professionals amongst others to clear debt .  This can be a major consideration and can often influence an IVA.

Whilst your IVA is in place you will not be able to take on any further unsecured loans or other borrowing as your Individual Voluntary Arrangement IVA will be recorded on your credit file. Any IVA advice we give you regarding debt is totally free, so feel free to ask questions at any time.

Once you have completed your IVA, you are free to borrow again, although it may not be easy as it may take some time for your credit rating to be repaired.

Will I lose my home if I enter into an IVA?

If you have any equity in any property you may be requested to release part or all of it to increase the overall Individual Voluntary Arrangement settlement offer to your creditors during the proposal of your Individual Voluntary Arrangement.

Trust deeds in Scotland

An Individual Voluntary Arrangement is something that is available in England and Wales, whilst in Scotland a Trust deed is basically a Scottish Individual Voluntary Arrangement IVA with just a few minor differences.

If you are in Scotland and wish to find out more about Trust Deeds, please click here. We are ready to give help and advice to anyone in Scotland who thinks that a Trust Deed may help them with their debt problems.

If there is any Individual Voluntary Arrangements information or IVA advice or Trust Deed help that you need clarification on or you are confused or unsure about anything we have mentioned on this site please call us right now...we can help!

If you would prefer more information by filling in our online Individual Voluntary Arrangements IVA form then simply click here, fill in the form and we will contact you to discuss your options.

IVA COMPLIANCE

An IVA should only be considered in extreme circumstances.

It is a formal legal agreement supervised by an Insolvency Practitioner.

Failure to adhere to an IVA could result in Bankruptcy.

Your credit rating may be affected.

Subject to conditions, circumstance and acceptance.

Not available in Scotland

Temporary monthly repayment waiver possible if unable to work due to accident, sickness or involuntary unemployment. Subject to Terms and Conditions