Credit Issues
If you are struggling to pay any debt (including tax and VAT) or if you have been refused a mortgage or loan to consolidate debts, then our team of consultants can refer you to a preferred specialist supplier who could help you get the control back and get your finances back in order.
What is an Individual Voluntary Arrangement (IVA)
An IVA is a legally binding contract between your client and their unsecured creditors.
The client will pay an agreed monthly sum, usually for a period of 5 years. This is divided up between the client’s creditors, who accept the sum in settlement of the amount the client owes them.
The IVA is supervised by an Insolvency Practitioner.
Why an IVA
An IVA is a fixed debt solution.
Up to 75% of the debt could be written off.
Interest and charges are frozen at date of approval.
Telephone calls/correspondence regarding the debt recovery stop.
The Debtor does not pay any upfront fees.
All unsecured debts are reduced to one affordable monthly payment.
The Debtor pays for a limited time.
Once completed the balance is written off.
The arrangement is private, legal and is done with the creditors approval.
The creditors do not deal with the debtor - everything is handled by the Insolvency Practitioner who is qualified and regulated by the DTI.
Removes all stress and anxiety, leaving a greatly improved financial position where the Debtor does not have to continue borrowing.
Removes the need for Debtors to deal with debt collectors and court actions.
Unlike bankruptcy, an IVA is not advertised in the local press and does not exclude your client from running a business or lead to many professions terminating your employment.
