IVA - Individual Voluntary Arrangements

When you need to manage large debt effectively

For Larger Debts, Consider an Individual Voluntary Agreement

If you owe more than £15000, consider the benefits of an Individual Voluntary Agreement (IVA). Agreeing to an IVA, you arrange to pay an affordable monthly payment for three to five years, at the end of which your creditors write-off any remaining balance. Most IVAs set the term at five years, and the end of your repayment period, you are debt-free.

In many cases, your creditors will agree to write off as much as 90% of your debt. Your IVA freezes your interest rates and stops extra fees. The agreement prohibits your creditors??? contacting you, and at the agreement's expiration, creditors cannot pursue you for more money.

We take pride in our ethical approach to debt relief, and we charge you nothing for our advice. We act as administrator of your IVA.

An Individual Voluntary Agreement May Work for You

An IVA establishes a contract among you, your creditors, and a Licensed Insolvency Practitioner, who administers the agreement. We need between six and eight weeks to set-up your IVA. When your creditors accept your IVA application, it becomes legally binding on all the parties, and all parties strictly must follow its terms and conditions. Creditors usually consent to IVA offers, because they cost less than more aggressive collection actions, and your creditors derive some tax benefits from discounting and writing-off your debt.

To qualify for an IVA, you must live in England, Wales, or Northern Ireland, and you must apply as a private individual, not a company or corporation. You may own or rent your home, but you must have a regular income, and your debt must exceed £15,000.

To begin your application process, you simply provide us with information about your household income and expenditures, your real assets - house, other property, cars, and other investments--and a complete list of your creditors, including retailers, credit accounts and unpaid utility bills. You need not contact your creditors during this process. Acting as your representatives, we first will review the details of your situation, making sure our proposal allows you enough money to live each month without sacrifice.

The Facts about an Individual Voluntary Arrangement

You pay just one reasonable monthly payment each month for five years, at the end of which you are debt-free. Creditors may write-off up to 90% of your debt, and they cannot add interest, penalties, or fees. As long as you satisfy the IVA's terms, your creditors cannot renege on the agreement or bring any legal action against you. You no longer need to worry about creditors, harassment and threats, because we deal with them on your behalf.

You enjoy significant protection under the terms of an IVA: Generally, creditors allow you to keep your auto, and your home is not at-risk. You may maintain your checking and savings accounts as long as you do not have overdraft protection, and an IVA has no effect on your professional standing or employment. IVA fees are substantially less than court costs and Official Receiver fees associated with bankruptcy.

An IVA also helps restore your credit. While you are bound by the terms of an IVA, you cannot apply for more credit. But, once the IVA is complete and your creditors are satisfied, we will make certain the credit bureaus update your files and you once again will become eligible for credit.

Begin Your IVA Application Today

Complete the IVA application form here on the site, or ring us at (FreePhone). As Licensed Insolvency Practitioners, we offer free, impartial, professional advice, and we promise to work with you on an ethical solution to your debt problems.