An Individual Voluntary Arrangement (IVA) is a statutory mechanism introduced by Parliament on 1986. It was hoped to be a way for company directors to escape bankruptcy when their businesses failed and repay what they could to their creditors. It was subsequently used by enterprising Insolvency Practitioners in early 2000 as a way to deal with unpayable consumer debt. It has been very heavily marketed and now each year about 40,000 IVA’s are put into place to deal with consumer credit card and loan spending which cannot be repaid on contractual term. It can help people in debt, become debt free in 5 years, and also write off great percentages of their debt.

It is similar solution to a debt management plan, in that you repay what you can afford each month.  It helps to solve a lot of the same issues but within a more formal, legal framework.  An IVA typically works at higher levels of unsecured debt, usually £15k or more.  It also usually requires you to be in full time employment and able to make payments of at least £200 per month to your creditors after you have paid all your bills, food and travel.

For example, if you are experiencing any of the following, an IVA might be the right option for you:

After paying all your mortgage/rent, bills, food and travel you have very little money left over;

You are borrowing money just to keep up with all your spending;

You are only ever able to pay the minimum payment on your credit and store cards

Money is always very tight and you are worrying how to make ends meet;

Creditors are starting to chase you for payments;

You have little or no savings and, if you were to have an emergency, you would have no cash or credit facilities to pay for it ;

The above are just some of the symptoms that may suggest you need an IVA.

How do I know if I need an Individual Voluntary Arrangement (IVA)?

The easy way to find out is to call one of our expert debt advisors.  They will, very quickly, get to understand your current financial position and advise the best way to solve your situation.  The conversation is completely confidential, free of charge and without obligation.  We are just here to help.

What is an Individual Voluntary Arrangement (IVA)?

An Individual Voluntary Arrangement, or IVA, is a formal, legal agreement between you and your unsecured creditors where you pay only the money you can afford back to them. In an IVA all interest and charges are frozen and you pay all your disposable income back to your creditors over a period of 5 years.  At the end of the 5 years, you are completely debt free no matter how much of the original debt you have paid off.  This usually means that you will only have to pay back a proportion of your debt, with the creditor writing off an agreed amount.  Creditors will immediately stop chasing you for payment so it also a great way to ease the pressure from a stressful situation.

Help With Debt can assist you in setting up an IVA very easily and will complete all the paperwork and talk to your creditors on your behalf. If you live in Coventry, Stoke or Birmingham just give one of our experienced advisors a call on 0808 160 5577  today to see if this is the most appropriate solution for you.

Contact Steve Thatcher of Help With Debt (UK) Limited a total debt solutions company.
For all further reading see http://www.helpwithdebtuk.com
For personal contact email sthatcher@helpwithdebtuk.com

If you have any debt problem whatsover either personal or corporate make Steve your first call all advice is free. Finally if in the UK and you need a friend to speak to call 01162171406

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