IVAs Explained
IVAs, like many debt solutions, can be difficult to understand. If you've heard that they may be a solution out of your debt problem then this page features IVAs explained in plain English.
An IVA is a legally binding arrangement with your creditors which allows you to repay your debts in affordable monthly payments over a fixed period of time, usually five years.
Your IVA proposals are put forward to creditors in a document called proposals, and these explain why you need an IVA. The proposals are lodged into Court and your creditors also receive a copy. If your assets are at risk because of action taken by creditors, we can apply to court for an Interim Order, which means that creditors cannot commence or continue with any action against you and your assets unless the Court permits them to do so.
A meeting of your creditors is held and creditors are able to vote on whether to accept, alter or reject your proposals. As long as you proposals demonstrate a genuine desire to repay as much of your debt as you can afford, it is likely that creditors will accept your IVA. It is our role to guide you on what creditors will find acceptable.
Once your IVA is approved all interest and charges on your unsecured debt is frozen. If creditors accept that you can only repay a proportion of your debt, the balance of your debt will be written off as long as you keep to the terms of your agreement.
The case studies and testimonials provide a number of real examples of how we have used the IVA procedure to assist clients with serious levels of debt.
*Our debt advice is free, any charges for progression of an IVA are approved up front with yourself and your creditors. Missed payments can bring your IVA to an end and could result in bankruptcy. Your home is at risk if your IVA fails.
The Next Step
All debt solutions should be very carefully considered; we will always provide you with the best advice to ensure you get a soft landing away from the burden of debt. Simply forward your details on our Contact Form and we will contact you. Alternatively ring us on our FREEPHONE ADVICE LINE 0800 085 1825 to have a full consultation with our specially trained advisors.