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IVAs
IVAs was
introduced by the government under the Insolvency Act in 1986 as a friendly
alternative to bankruptcy.
What is an IVA?
IVA “Individual Voluntary Arrangement” is a legally binding agreement between
you and your creditors whereby you distribute a single monthly payment equally
between the participating creditors. The payment will occur monthly over a set
period of time (usually 5 years). All interests and debt charges will be frozen
and creditors will be prohibited from demanding additional payments from you. If
you have assets, such as equity in your property etc these may have to be made
available to creditors, but you remain in charge of how they are disbursed.
IVA involves
ü Frozen debt interests and charges.
ü Your case is strictly confidential and will not be publicised in the local
paper.
ü Your case will not affect your professional life and you are able to continue
your career without interruption.
ü A fixed repayment period, normally no longer than 5years.
ü One solid repayment fee, usually a minimum of £200/month.
ü Bankruptcy is avoided.
ü Your creditors deal with our Insolvency Practitioners to relieve you of phone
calls and written reminders.
ü IVA is a legal agreement and will protect you from creditors taking court
action.
ü All remaining debts will be written off at the end of an IVA, if fulfilled
successfully.
ü On completing an IVA your credit history is, in most cases, cleared enabling you
a fresh start.
ü Once in an IVA, creditors cannot change the conditions of the agreement unless
approved by you.
ü You be involved in the choice of assets made available to creditors.
ü As long as %75 of your creditors all agree with the terms of your IVA the other
25% are legally bound to the agreement as well.
If you think an IVA is the right solution for your debt problems some highly
professional companies who will provide you with free, confidential advice are:
www.thomascharles.com
www.iva-experts.co.uk
www.debt-help-uk.org.uk
www.iva.co.uk |
