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Debt Management & Debt Advice Freephone 0800 634 5521
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IVA (Individual Voluntary Arrangement)
"It allows the debtor to propose to the creditor a much lower final settlement of the debt."
© Debt Emergency
Debt Management & Debt Advice
Debt Management & Debt Advice
Q.
"What is IVA - Individual Voluntary Arrangement?"
A.
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Freephone:
0800 634 5521
0800 634 5521
An IVA (also known as an Individual voluntary Arrangement) is an alternative to Bankruptcy. Introduced by the government as part of the insolvency act 1986, it allows an individual in debt (debtor) to make a proposal to the people they owe money to (creditors) to reach a settlement.
The settlement can usually wipe away 75% of the debt, and the debtor may only end up paying less than 30% of the debt providing the majority of the creditors accept the proposal.
The IVA stands as a contract that binds all parties and prevents further action. The debtor will find themselves to be completely out of debt in 5 years providing they do not break the terms of the contract.
An IVA is arranged so that you can pay what ever is affordable on a monthly basis - meaning a single payment each month over a 5 year period. Your creditors agree to write off 75% of your debt in return.
Providing you owe over £15,000 and are in regular employment, you may qualify for an IVA.
Call US NOW to see if you qualify for an IVA 0800 634 5521
The settlement can usually wipe away 75% of the debt, and the debtor may only end up paying less than 30% of the debt providing the majority of the creditors accept the proposal.
The IVA stands as a contract that binds all parties and prevents further action. The debtor will find themselves to be completely out of debt in 5 years providing they do not break the terms of the contract.
An IVA is arranged so that you can pay what ever is affordable on a monthly basis - meaning a single payment each month over a 5 year period. Your creditors agree to write off 75% of your debt in return.
Providing you owe over £15,000 and are in regular employment, you may qualify for an IVA.
Call US NOW to see if you qualify for an IVA 0800 634 5521
