What is an IVA?
An IVA (Individual Voluntary Arrangement) is a legally binding agreement between you and your creditors, to pay part of your debts over a period of time, usually five years. The monthly payment is based on what you can truly afford after providing for your regular living costs.
Managing debt with an IVA
An IVA gives you more control of your affairs than a personal bankruptcy would and it’s cheaper and more certain for you than a debt management plan.
An IVA must be administered by a regulated Insolvency Practitioner (an IP) and is legally binding on all creditors, including HMRC, Banks, Credit Card companies, Payday Lenders and others, once it is accepted by creditors representing 75% of the debts owed to those creditors who vote. If a creditor doesn’t vote they are still bound by the IVA agreement.
We are IVA specialists and we arrange IVAs for clients to become debt free with remarkably low monthly IVA payments.
Many of our clients took out debt consolidation loans and high interest payday loans which they’ve lived to regret. Some clients say they’ve wasted years trying to become debt free in a debt management plan only to see their monthly payments eaten up by administrators charges and we subsequently arrange an IVA for them to clear debt, regain control and rebuild their credit worthiness – don’t make the same mistake!