Individual Voluntary Arrangements (IVA’s)
Are you struggling with problem debt? Have you been advised to speak to an Insolvency Practitioner about setting up an IVA (Individual Voluntary Arrangement)?
Speak to us NOW for a free consultation on 0800 012 6649
Six Steps to setting up an IVA
- Realise you have a problem and seek advice
- Speak, or meet, with a licensed insolvency practitioner to go through all your options so you can decide what is best for you
- Provide information about you financial affairs so the insolvency practitioner can prepare the proposal for you.
- Agree the proposal and send it to creditors
- Creditors vote to accept the proposal
- Comply with the terms of the arrangement and resolve your debt problems.
The sooner you get in touch, the sooner we can help
It’s never easy to admit you need help, but the moment you do you’ll see things start to improve. Speak to one of our team and set your self on the path which will lead to putting your debt behind you. We offer a free consultation and friendly non-judgemental advice.
What will I need to set up an IVA?
- Details of who you owe money to and how much
- Details of any income you might have
How can an IVA Help Me?
- Take monthly payments to a realistic amount you can afford
- Creditors won’t be able to take action against you
- Your assets are protected
How does an IVA differ from a Debt Management Plan (DMP)?
- An IVA is a formal Government backed process, DMP‘s are informal
- Only an Insolvency Practitioner can set up an IVA
- Once and IVA is set up, all interest and charges are frozen, not so with DMP’s
- IVA’s Bind your creditors so they can’t opt out and pursue you, DMP’s aren’t binding
- After the period of the IVA all remaining debt is written off, with DMP’s all debt remains repayable
For more information on an IVA contact Lines Henry on free phone 0800 012 6649.