IVA | Individual Voluntary Arrangement

IVA

Thinking about bankruptcy? Stop! You might qualify for an IVA.

An IVA or Individual Voluntary Arrangement is a legal contract between a debtor and his or her creditors. It is instituted when a debtor does not have the financial means of repaying his or her debts. Instead of filing for bankruptcy, the IVA would allow the debtor to pay a percentage of their debt in an easy to manage monthly payment. Most Individual Voluntary Agreements last a minimum of five years and provide the debtor many benefits.

Total Amount of Debt	No. of Creditors is required.Please estimate the total amount you owe, for example car loans, store cards, credit cards, bank overdraft etc. Please do not include your mortgage debt or any loans secured on your home
No. of Creditors	No. of Creditors is required.The number of people you owe money to.
Monthly Expenditure	Monthly Expenditure is required.Please tell us approximately how much your usual household living expenses are. Do not include interest, debt repayments or mortgage payments. This figure should be a total of what you spend each month on your general living expenses.
Monthly Income	Monthly Income is required.Please tell us your total monthly income after tax. Please include any child benefits, tax credits, pension, regular bonus or child maintenance payments that you get.
Employment
Residential Status
Marital Status

First Name	First Name is required.
Last Name	Last Name is required.
Address	Address is required.
Address2	Address2 is required.
Building/number	Building/Number is required.
Town	Town is required.
Postcode	Postcode is required.
Home Telephone:	Home Telephone is required.
Mobile:	Mobile is required.
E-mail	E-mail is required.
Best time to call:

Tick this box to indicate that you've read and accepted our Privacy Policy

First, when you enter into an IVA, the creditors are legally bound to respect the terms of the agreement. This includes putting a freeze on any interest payments that you might owe, as well as any late payments that you would otherwise have been required to pay. Another great advantage to an IVA is the fact that creditors will no longer contact you. That means no more harassing phone calls, emails, or letters in the mail. And best of all, once you complete your IVA you will have repaid all of your debts, leaving your credit in great shape as opposed to the damage your credit will suffer when filing bankruptcy.

Individual Voluntary Agreements are for those residing in England and Wales. However, you must owe at least two creditors and have debt totaling a minimum of £15,000. Those who’ve been approved for an IVA can reduce their debts by up to 85% and will find that a large portion of their current debts may be written off. An IVA is an excellent alternative to filing bankruptcy and has helped many people regain control over their financial situations. If you believe that an IVA is right for you, then contact us today. We’re here to help you.