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IVA Advice - Individual Voluntary Arrangement
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IVA Debt
The Longer You Leave Your Debt Problems - The Worse The Situation Becomes.
IVA Explained
Debt Management consolidates debt in to ONE low affordable payment without further borrowing
Debt Solutions
| Advantages | Disadvantages |
|---|---|
| Affordable monthly payment | No more borrowing during the IVA period |
| You won't have to go bankrupt | Credit rating is poor for a further year after the IVA |
| You keep your house and car | Default can result in bankruptcy and you may end up paying more |
| Interest payments are frozen by law | Five year period |
| Your overall debt is substantially reduced | If you have equity in your home you may be required to release it to your creditors. This is usually achieved by increasing the level of your mortgage towards the end of your IVA. If this is not possible you are likely to be required to extend your IVA payments by up to an extra 12 months |
| Your friends and family don't have to know | |
| Your debts are cleared in five years | |
| Payments are calculated to be affordable; whilst in an IVA your home is protected from legal action and unsecured creditors cannot force you to sell |
IVA Free Initial Debt Advice
IVA help and advice is introduced by the Insolvency Act 1986 as an alternative to bankruptcy. By this people facing serious debt problems makes a proposal to their creditors to address the problem. If the proposal is accepted by majority of the creditors, then all, debtor and creditors are bound under a contract. Under a standard IVA a debtor has to pay an affordable amount each month into a fund over 5 years.
Prerequisites and other facts:
You have to meet certain criteria’s as a debtor. You must have a debt of at least £12,000 owed to three or more lenders. It is important that you should get best advice when IVA is chosen. Also the organization should be professional and independent. It is very important as when you deal with an IVA, you are bound with an agreement for five years. So you should carefully understand various facts and clauses of the deal before choosing an IVA.
Today you can find out a lot of IVA organization offering very lucrative offers, but you should check them well before opting them. Some of the key points that should be kept in mind before going for any IVA organization are as below:
a) The IVA advice you are being offered should be impartial.
b) The IVA advice must consider the perspective of both creditors & debtors.
c) IVA advice should be compliant with appropriate licensing and regulations.
d) Advisers should have IVA and debt management experience.
e) All IVA advice and supervision process and systems should be defined and governed by experienced professionals.
IVA free initial debt advice has got great benefits, some of them are
a) The interest rate is frozen.
b) The overall debt is reduced.
c) Legal proceedings are stopped.
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Take a look at our section of the Individual Voluntary Arrangement could be a better alternative. While a Debt Management Plan can sometimes be an option as well, it is not legally binding and people you owe money to can later change their minds if they wish to, unlike with an IVA .