Individual Voluntary Arrangement (IVA)

An IVA could be the solution to your debt worries

IVAs (Individual Voluntary Arrangements) have already helped thousands of people to avoid bankruptcy and become debt free.

Benefits of an IVA:

Your creditors must freeze all further interest and charges

You are protected from court action by your creditors

A portion of your debt is written off completely

You make a single, affordable monthly payment

After a fixed period, typically 60 months, your debt is cleared

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Is an IVA right for me?

If you are unable to pay off your debts but you do not want to go bankrupt then an IVA may be the best option available to you.

The list below gives a basic outline of a typical IVA client, even if you don't think an IVA is right for you, our experienced advisors will be happy to discuss your situation and recommend the best solution to your needs

An IVA may be right for you if:

You have debts of at least £15 000

You are able to make monthly payments of at least £200, or you own a

property

You have a stable monthly income

You live in England or Wales

You owe money to 3 or more companies

Debt free within 3 - 60 months

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Monthly Contribution IVA

This is where a monthly voluntary contribution payment is agreed for a period of up to five years. The amount that is offered is whatever the individual can reasonably afford, can be as little as £250 per month and will usually be substantially less than the debt repayments that were previously being paid. At the end of the five year period the IVA is concluded and the remainder of the creditors debts are written off.

Full & Final Settlement IVA

An alternative to a voluntary contribution IVA, the full & final settlement IVA involves the payment of a one off lump sum in full settlement of the debts. Such a proposal may be suitable where a family member is prepared to make a one off payment that generates a higher dividend than if monthly payments were made or where there is equity in a property that can be re-mortgaged. A full & final settlement IVA may be attractive to creditors, as it will enable them to be paid in a matter of months rather than waiting for up to five years.

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The Pros and Cons of an IVA

Pros

* Monthly payment is affordable

* Avoid bankruptcy

* Keep house and car

* Interest payments frozen by law

* Legal action stopped by law

* Reduce debt by up to 75%

* Debts cleared in five years

* IVA proposal is controlled by the individual

Cons

* No more borrowing allowed during the IVA period

* Impact on credit rating can make it difficult to borrow for a further year

after the IVA

* Default on an IVA could result in bankruptcy proceedings

* 5 year period vs. maximum 3 year period of bankruptcy

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