Individual Voluntary Arrangements

When debts become overwhelming, it is common for thoughts of bankruptcy to be seen as the last resort. However, there is an alternative which is far less restrictive but can be just as beneficial for the debtor ... Individual Voluntary Arrangements.

An IVA is a legally binding agreement under the Insolvency Act made between you and your creditors. If an IVA is approved then you pay one monthly payment for a fixed period of months – normally 60 – and as long as you keep to the agreement you are protected from any further action by your creditors. They cannot take you to court, cannot make you bankrupt and cannot recover any more money than you agree under the terms of the IVA. As part of the agreement your creditors agree to write off the rest of your debt.

At this present moment in time please be aware of the consequences of missing payments within the five year period. One rule within the IVA is that if you miss approximately 3 month's payments (not necessarily consecutive) you could be made bankrupt. Consider your job security before entering an IVA.

Making the decision to apply for an Individual Voluntary Arrangement is one thing but actually doing it is another. In times of stress the process can seem overwhelming and you may find yourself asking the following questions:

Who will help me with....

      • Understanding the process.

     • Answering any questions.

     • Completing the initial paperwork.

     • Finding an Insolvency Practitioner.
    
     • Dealing with creditors enquires.

What do I do now?

Don't Worry. We specialise in helping people enter into Individual Voluntary Arrangements. We will help you through the initial stages of preparing your proposal and then introduce you to one of our national network of Insolvency Practitioners. Upon the successful acceptance of your Individual Voluntary Arrangement we will continue to provide our comprehensive support service throughout its duration.

Unlike many of our competitors we are able to offer 2 types of Individual Voluntary Arrangements.

      • The 5 Year Plan.

      • This means that at the end of the 5 years you are completely free of debt.

      • The 1 Year Plan.

      • Re-mortgaging your property or a loan from family members or friends.


Of course an IVA is not for everyone and we promise to offer you this option only if it is exactly right for you. To find out or if you want more information call us now on free phone 0800 073 1055.