An IVA or Individual Voluntary Arrangement is a Government backed legislation for legal agreements between you and your creditors resulting in you becoming debt free within 5 years. If you have unsecured debts of over £15,000 and can’t make your monthly repayments, an IVA could be your solution of getting debt free quickly. This sort of arrangement is a formal alternative to going bankrupt.
An IVA works on the basis that the agreement draw up between you and your creditors is for you to pay a percentage of the outstanding debt you have with them, this is then based on a payment solution that usually last for 60 months (5 years) that you can easily meet. During this period the interest and charges on your debt is frozen and creditors lawfully can’t contact you, also any assets you have (home or vehicles etc) will be protected. Basically you only pay back what you can afford and have a fixed end point, then you are debt free! The IVA Process
Contact us today and get yourself debt free sooner rather than later.
An IVA could be your only affordable debt solution, part of your debt will be legally written off, and every other debt solution service will increase your debt (part from bankruptcy). It’s important to note that legally only Insolvency Practitioners are allowed to manage and supervise IVA solutions and agreements – With DeleteDebt.co.uk you are certain of a professional, experts and impartial advice, giving you piece of mind and getting you debt free.
Living in Scotland? Then there is a similar process available to you, they are called PTD or Protected Trust Deeds, these deeds only last for 3 years and work in much the same was as an IVA and are an alternative to Sequestration which is Bankruptcy in Scotland.
Find out more about IVA's and the process of an IVA