IVA Debt: Individual Voluntary Arrangement
IVA Debt: Individual Voluntary Arrangement
Agreeing an IVA (Individual Voluntary Arrangement) for your debts with your creditors is just one step short of bankruptcy.
For the application of an Individual Voluntary Arrangement (IVA).
Experts negotiate on your behalf with all creditors to secure a fair and affordable settlement dividend calculated by completing a full Income and Expenditure account analysis.
You then pay the agreed amount over a maximum period of five years, this monthly payment dividend can be as low as £250, but the amount payable will be considerably lower than existing payments.
Once the IVA Individual Voluntary Arrangement proposal is accepted all interest is frozen and creditors are not allowed to contact you, the debtor in any way.
Each solution to a credit problem is different and it may even include certain clauses like the re-mortgaging of property in year three or four of the IVA Individual Voluntary Arrangement to pay a lump sum payment from the maximum offer available the mortgage lender, thus potentially ending the IVA Individual Voluntary Arrangement early.
The IVA Individual Voluntary Arrangement is a formal contract between you creditors and the Insolvency Practitioner.
Book A Callback to discuss IVA debt and an Individual Voluntary Arrangement
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