IVA advice and help in England UK

On June 3, 2011, in News, by Lewis Alexander

Personal advice about an Individual Voluntary Arrangement or IVA in England

  • free credit report UK from ExperianHave you been advised to or considered clearing your personal debt with an IVA?
  • An IVA could be the solution you have been looking for to help you become clear of debt.
  • It has a fixed term of repayment, so you know exactly when it will end, however, conditions do apply!

Could an IVA be what you need to clear your debt?

When an individuals personal debts have become such a problem that they feel they can no longer manage the monthly repayments, there is a debt settlement solution called an Individual Voluntary Arrangement or IVA which can give people in debt the help to clear debt that they require.

An Individual Voluntary Arrangement or IVA is a formal procedure set up by a licensed professional, where an arrangement is made between you and all of your creditors to make reduced payments towards the total amount of your debt, in an effort to pay off part of what you owe then normally after five years of making these payments your debts are classed as settled.

  • PLEASE REMEMBER AN IVA IS A LEGALLY BINDING AGREEMENT!
  • An IVA usually lasts for 5 years or 60 months, creditor contact usually stops and interest and charges are usually frozen.
  • You may be required to release equity from any home you may own towards the end of an IVA in order to increase the total contribution your creditors would receive.

After it has been agreed that an IVA is the best option for you, you will be asked some questions about your current financial situation to try and work out an amount that you will be able to repay each month for the term of the IVA.

Personal Debt Help

Once this figure has been agreed by you, an application will then be made to the court for an ‘Interim Order’ and once  this is in place no creditors can instigate legal proceedings against you. There will then be a meeting of all your creditors which you would be wise to attend. Once the majority of the creditors agree that an IVA should be put in place, that’s it.

  • Your financial situation will be reviewed during the course  of your IVA!

An Individual Voluntary Arrangement or IVA should not be confused with other informal debt management procedures as it is legally binding and you are tied into to it for five years normally.

If you are not sure that an Individual Voluntary Arrangement or IVA is the answer for you to clear your debts you contact a trained consultant for further IVA help or advice to help you decide if an Individual Voluntary Arrangement or IVA is for you.

Trust Deed in Scotland

  • In Scotland there is no such thing as an Individual Voluntary Arrangement or IVA.
  • In Scotland it is known as a Protected Trust Deed and does effectively the same job.
  • With a Trust Deed you can;
  1. Stop and prevent interest and charges
  2. Make one simple monthly payment
  3. Put a halt to creditors calls and letters
  4. Stop court proceedings or Bankruptcy

If you think your personal debt situation warrants considering an IVA or Trust Deed, call us to get detailed IVA or Trust Deed facts and figures based on your current situation and obtain further information about debt help in general.

An Individual Voluntary Arrangement or IVA is not the solution for everyone and it should be carefully considered before proceeding. Your credit rating will be affected due to the formal nature of the IVA.

  • You can obtain further information about an IVA if you call us free on from a land line using 0800 018 6868 and we will gladly discuss your situation and give you the very best help with debt problems and IVA advice we can in the strictest of confidence.
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