Individual Voluntary Arrangement
An Individual Voluntary Arrangement (“IVA”) is a formal, legally binding agreement with your creditors, the people you owe money to, to pay a fixed amount in monthly instalments, and once the end of the term is reached, which is generally 5 years, any outstanding debt is written off. If you cannot pay all of your debts in full straight away but can pay something and don’t want to go bankrupt, then this is a course of action you may wish to consider.
We will assist you with putting forward a proposal to your creditors, and if 75% of those voting agree to it, the IVA is approved. One thing to consider is that if you own a home with equity in it, then you will most likely be asked to make a contribution from this equity to your creditors in the form of a lump sum payment, alongside the monthly contributions.
If you have any questions or require further information about the services we offer, please contact us on 01302 342875.