IVA Advice

In case you haven’t heard, an IVA allows you to arrange to repay your creditors in situations where the prospect of ever truly paying off you debt is no longer available to you. An IVA (short for Individual Voluntary Arrangement) is a legally binding contract between yourself and those people or organisations whom you owe a debt to, such as creditors.
Once you’ve gotten connected with a licensed insolvency practitioner, you work out a sensible amount of your debt that you can realistically afford to pay back over a set time period – generally between 3 and 5 years. Provided that three quarters of your creditors are in agreement that your IVA is reasonable, all your debts, along with future interest they would otherwise accumulate, is frozen the moment the IVA proposal is accepted.
Because your insolvency practitioner is almost always able to convince your creditors to forego some of the debt you owe, at the end of the IVA’s duration, these debts are written off as long as you have kept up with your IVA payments.
If you are confident that you can maintain your IVA payments each month, an IVA could well be the solution that best meets your needs, helping you avoid the embarrassment of bankruptcy and making you debt free in 5 years or less.

In case you haven’t heard, an IVA allows you to arrange to repay your creditors in situations where the prospect of ever truly paying off you debt is no longer available to you. An IVA (short for Individual Voluntary Arrangement) is a legally binding contract between yourself and those people or organisations whom you owe a debt to, such as creditors.

Once you’ve gotten connected with a licensed insolvency practitioner, you work out a sensible amount of your debt that you can realistically afford to pay back over a set time period – generally between 3 and 5 years. Provided that three quarters of your creditors are in agreement that your IVA is reasonable, all your debts, along with future interest they would otherwise accumulate, is frozen the moment the IVA proposal is accepted.

Because your insolvency practitioner is almost always able to convince your creditors to forego some of the debt you owe, at the end of the IVA’s duration, these debts are written off as long as you have kept up with your IVA payments.

If you are confident that you can maintain your IVA payments each month, an IVA could well be the solution that best meets your needs, helping you avoid the embarrassment of bankruptcy and making you debt free in 5 years or less.

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