IVA stands for Individual Voluntary Arrangement. It is a legal way of resolving debt problems without going Bankrupt. If you owe £15,000 or more to 3 or more creditors and can't afford the repayments then you may be able to consider an IVA.
The IVA process is dealt with through an Insolvency Practitioner who will advise accordingly through the IVA process.
Creditors like IVA's as they generally recover more money than they would if the debtor became Bankrupt. Generally an IVA plan will last for 5 years and you will be expected to make a monthly payment into the IVA. During this time no interest is added on to the debt, the amount is frozen.
An IVA is a long term debt solution that enables you to walk away debt free at the end of the term.
Feel free to call us on 08454 751 851 to discuss IVA's or any other questions you may have in more detail.
Need our experts to call you back? just enter your details and we’ll get back to you