Individual Voluntary Arrangements - IVA, Bankruptcy and Insolvency Advice.
- Individual Voluntary Arrangement (or IVA).
- A legal process for UK residents (excluding Scotland - see trust deeds)with a significant debt problem (normally over £25,000).
- On agreement your creditors accept a reduced offer of repayment in full and final settlement of the debt.
- Payments are normally made over a 5 year period, following which the remainder of your debt is written off.
- All interest and charges on your account are frozen.
- Your account is administered by a fully qualified, licensed insolvency practitioner, who takes responsibility for liasing with your creditors and distributing funds on your behalf.
- If you own your own home you maybe required to release any
equity in your home. This is normally by way of a mortgage
or loan secured on it.
- We can perform a confidential review of your circumstances to
see whether you are eligible.
Individual Voluntary Arrangement (IVA) definition: An IVA is a formal
legally binding agreement between an individual who is unable to pay their
creditors and a licensed Insolvency Practitioner. The Insolvency
Practitioner will put together a form of proposals to the Creditors for
approval and administer the IVA. The individual must be resident in England,
Wales or Northern Ireland.
NOTE: YOUR TOTAL DEBT REPAYMENTS CAN BE REDUCED BY UP TO 75%
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