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Individual Voluntary Arrangements (IVA’s) were introduced by the Government in the 1986 Insolvency Act as an alternative to bankruptcy. An IVA is a formal agreement between you and your creditors that is designed to help you manage your debts.
A licensed Insolvency Practitioner will negotiate with your creditors and agree what you can realistically afford to repay. An IVA will usually last for five or six years, during which time you will pay an agreed, lower amount every month which is split between your creditors and your remaining unsecured debt will be written off - this can be as much as 80%* of your debts.
*On average customers may have between 25% to 80% of debt written off with an Individual Voluntary Arrangement (IVA).
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Debbie was in a great deal of debt after going through a difficult divorce with three children and falling behind with her loan and credit card payments. Here is a snapshot of Debbie’s situation and how we helped her.Qualify Now
Here is a snapshot of Debbie’s situation and how retin a cream canada IVA Practice helped her
Total unsecured debt£34,293
Debbie owed £34,293 to 7 different lenders, including credit cards, catalogues and a payday loan.
Total creditors 7
Debbie was trying to deal with seven different lenders and constantly receiving phone calls and letters.
All of this stopped once the IVA had been agreed.
Was paying £520 Now paying £281
The minimum payments to Debbie's lenders totalled £520. Following a review of her income and expenditure her lenders agreed to a lower monthly IVA payment of £281.
Debt written off £17,433
Over a 5 year period, Debbie pays what she can afford. Following completion of the IVA, £17,433 of her debt is legally written off.
*Figures based on an actual customer who was recommended an IVA. IVAs are subject to eligibility and acceptance. Credit rating may be affected. Fees Payable if ongoing services are provided.
As part of our free service, we will take a look at your financial situation and assess your suitability for an IVA. If you decide you want to proceed with an IVA, we will assist you in the preparation of your IVA proposal and will receive a payment once we transfer you to our trusted IVA provider. Fees are payable in an IVA. For more information click here. Should an IVA not be a suitable solution we can put you in touch with one of our trusted partners. If you choose to use their services, fees are payable for ongoing services provided.Qualify now