If you are facing financial difficulties and not sure how to regain control of your situation, an Individual Voluntary Arrangement (IVA) could be the best solution for you. An IVA is a formal agreement between you and your creditors that requires you to make reduced payments towards the total amount of your debt in order to pay off a percentage of what you owe. An IVA is legally binding and freezes interest, giving you the best chance of regaining control of your finances. After approximately 5 years, your debt will be classed as settled.
Our licensed insolvency practitioners can help set-up an IVA
Due to its formal nature, an IVA must be set up by a licensed insolvency practitioner – such as one of the experts in our turnaround and recovery team. After familiarising themselves with your situation, one of our advisors would prepare a fair and realistic proposal, in which:
- a full disclosure of your assets and liabilities is made
- the creditors are guaranteed a higher return than if you were declared bankrupt
- you will be guaranteed confidentiality and assurance that you will retain control of your assets.
If your debt is more than £20,000
If your debts are in excess of £20,000 we will perform a free review of your financial situation. We would like to discuss this with you, but before we do, it would aid our understanding of your situation if you could provide us with some information about you and your financial affairs on our Personal Information Questionnaire. Please complete and return the form to firstname.lastname@example.org. Once we have received your completed form we will contact you and discuss the options available to you. If the situation is desperate please call on 0207 216 4637 to speak to our experts in the South of the UK.
If your debt is less than £20,000
If your debts are less than £20,000 and consist primarily of credit card/ bank loan debts, unfortunately the finance companies prefer not to become involved in these types of arrangements.
However, a charity called the Consumer Credit Counselling Service (CCCS) will deal directly with these companies for you and arrange a repayment plan. They will not charge fees, unlike many debt management companies. CCCS are funded by the credit industry. Their telephone number is 0800 138 1111 and their website can be found at www.cccs.co.uk
The next step
To find out more about an Individual Voluntary Arrangement, please contact one of our licensed insolvency practitioners at your nearest location, or complete the contact form.
Debt is not pleasant. It can cause stress and may impact upon your health and on your relationships at work and at home. Once advice is sought the burden can begin to ease.