An IVA (Individual Voluntary Arrangement) is a formal debt solution which is suitable in a wide variety of circumstances. To find out if you could benefit from this solution, continue reading or get in touch with one of our experts.
An IVA is a legally binding agreement between you and your creditors designed to help repay your debts at a rate you can afford. To qualify, you should have debts totalling around £6,000, have more than two creditors, and around £100 left over each month to go towards repayments. However, these figures are not completely rigid and may be negotiable.
As with all debt solutions, to enter into an IVA you will need to complete a full income and expenditure review. This will be done with a financial advisor to determine how much you can afford to pay back to your creditors each month.
Once the IVA is complete – which usually takes around five years – any remaining unsecured debt is written off.
There are several advantages and disadvantages to an IVA compared with other financial solutions. We have detailed some of these below:
If you decide an IVA is the right debt solution for you, we will work in conjunction with our preferred IP (Insolvency Practitioner) to create a formal agreement between you and your creditors.
For more information, get in touch today. We help hundreds of people every day and can also assist you in dealing with your debts.