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 so much in the pound over a period of generally up to five years. If you can not pay all of your debts in full but can pay something and you don’t want to go bankrupt, then this is the course of action you should consider. We will assist you with putting forward a proposal to your creditors and if 75% of those voting agree to it, then you will make the monthly repayments for the period specified and after that the balance of your debt is written off. 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 in the fourth year of the arrangement to your creditors. Again any of our experienced staff will discuss this with you.
If you have any questions or require further information about the services we offer, please contact us on 01302 342875.