IVA Solutions
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What is an IVA?
An IVA is legal process for those with unaffordable unsecured debts.
It is a formal agreement between you and your creditors whereby you repay what you can afford, usually over 60 months. After which, the outstanding debt is written off.
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Why should I consider an IVA?
An IVA reduces debt by up to 70%
You only repay what is affordable after taking into account your personal circumstances.
An IVA allows you to be free from debt in 5 years
In 60 months you will be debt free, the rest is written off. This is dependent upon approval of 75% (by value of the debt) of your creditors, and provided you maintain the payment schedule.
An IVA Stops freezes interests on your debts
You will stop paying interest on your debts at the point in time of your IVA proposal being approved.
An IVA Stops harassment
Creditors and Debt Collectors can't legally pursue debt repayment once an IVA is in place.
An IVA avoids bankruptcy
An IVA means you reach an agreement with your creditors whereby they cannot bankrupt you if you maintain the agreed IVA payments. Bankruptcy means you lose control of all your assets, including your home.
What can YOU do for me?
Offer clear advice & a range of solutions
We will ask you about your debts, income and expenditure, advise if an IVA is the most suitable way to tackle your financial problems. We also offer debt solutions other than IVA's, such as debt management programmes. Therefore you can be assured we are not pushing just one solution, but offering impartial advice, specific to your circumstances.
IVA Criteria
In order for an IVA proposal to be approved, creditors are looking for certain conditions to be met.
More importantly, they are looking for a debtor's honest, best attempt, to pay back as much of their debt as is reasonably possible.
Here we outline the elements that contribute to a successful IVA proposal.
Debts of at Least £15,000?
Not entirely true. The higher the level of debt, but more importantly, the more you can contribute each month, the more realistic your IVA proposal. There is nothing in UK insolvency law saying there is a minimum level of debt for an IVA. Many IVA companies state this as being the minimum, but it's their minimum due to the fees they charge to creditors. Some won't consider an IVA for less than £20,000 of debt.
We routinely get IVAs approved for £12,000 to £15,000. However with debts towards the lower end of the scale, only a smaller percentage of the debt can be written off. Under exceptional circumstances we have arranged IVA for under £10,000.
We welcome IVA enquires for any level of debt in any circumstances. If we, with our low fees, can't get your IVA approved, then neither could anyone else. If your circumstances, by level of debt or otherwise render an IVA not possible, then we could offer debt management or recommend bankruptcy as an alternative.
If you are having debt problems you are not alone. Being in debt is a fact of life for many people in the UK today and when you find yourself in debt you need the help of a specialist. |
