Individual Voluntary Arrangement (IVA) Is an Individual Voluntary Arrangement (IVA) right for me?
• Yes, if you are struggling to repay debts of over £15,000 to more than three different creditors.
• No, if your debts are less than £15,000. The costs involved mean that you should look at other debt solutions if you have lower levels of debt.
In most cases an IVA will consist of one affordable repayment per month to your creditors. The size of your monthly repayment will be calculated by deducting your normal living expenses from your income. These repayments will continue over a period of 60 months (five years).
Sometimes, circumstances could allow an IVA to be put forward to your creditors consisting
The Insolvency Practitioner (IP) will chair the IVA meeting, at which creditors vote on whether to accept or reject your IVA proposal. If more than 75% of your creditors (in debt value terms) choose to accept the proposal, the IVA is agreed and becomes legally binding for all parties.
When you have successfully completed your Individual Voluntary Arrangement (IVA), you will be considered debt free, even if you haven't repaid all of your debts in full. Any outstanding balances will be written off, leaving you free to make a fresh financial start.
Pros and Cons of an Individual Voluntary Arrangement (IVA)
Call free on 0800 088 7502 to find out more about Individual Voluntary Arrangements (IVAs) or get help with applying for an Individual Voluntary Arrangement (IVA) by filling in the form below.
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