IVA's (Individual Voluntary Arrangements)
IVA's give you the chance to take back control of your finances and write off your debt in under 5 years.
An IVA is a legal contract between you and your creditors. IVA's stop interest accruing on your debt, and unlike bankruptcy there is no publicity. If you are self employed you can also continue to trade. In some cases you only repay a small proportion of your debt.
What is an IVA?
This is an alternative procedure to Bankruptcy which allows a proposal of payment to be put to creditors.
Who is included?
- All unsecured creditors, although associated creditors may be asked to stand outside.
- Of creditors that vote, 75% by value would need to support it.
What to do now?
Contact us as soon as possible if you are unable to pay your creditors as they fall due.
The advantages
- Stops legal action commencing or being continued with.
- No further interest accrues.
- Assets can be excluded from proposal.
- Creditors will contact the supervisor rather than you. Affordable monthly payments would usually be made.
