Struggling to pay off your debts? The IVA Practice may be able to help you get debt free.
Simply complete the online form to see if you’re eligible for an IVA.
One of our trained and friendly advisors will contact you and start the IVA process.
We will talk to your lenders and make the necessary arrangements for your IVA.
As soon as your final payment is made, the remainder of your debt is legally written off.
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).”
Cindy was in a great deal of debt after going through a difficult divorce and trying to maintain three children.
*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.
Cindy had seven creditors to pay who were calling daily and writing to her regularly, causing her stress.
Cindy was trying to keep up with monthly payments of £520 to keep up with all her creditors which was proving very difficult.
After an advisor completed a full income and expenditure check, it was determined that one lower monthly payment of £281 would be more feasible.
At the end of the five year period and on completion of Cindy’s IVA, £17,443 of her debt is legally written off and she is completely debt free. All thanks to the IVA Practice.
At the end of her repayment period Cindy had 51% written off.
Customers can get free debt counselling, debt adjusting and providing of credit information services from the Money Advice Service – an organisation set up by the Government to offer free and impartial advice to those in debt. For more information from the Money Advice Service click here.
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. Fees are payable in an IVA. For more information Click Here