If you are looking for an individual voluntary arrangement in the UK and you need assistance, please contact us now.
If you are interested in registering for an IVA, our team can offer help and assistance. Make certain to contact us now for more information.
If you are looking for IVA advice, please make certain to speak to our experts. We will provide help and professional opinions to guide you through the process.
If you are in need of an Individual Voluntary Agreement our team can offer the very best services and top advice.
Debt management has become much more frequent in the past few years as people strive to seek a positive outcome from getting into too much debt. The reasons why they get into debt are numerous, but the fact of the matter is that ignoring it won’t make it go away.
There is no need to let it go that far when there are so many options to explore for restructuring your debts. One of the most popular solutions is Individual Voluntary Agreement.
Individual Voluntary Arrangements, or IVAs for short, have been around since the mid-1980’s and have helped millions and millions of people to successfully restructure their debts into something much more manageable. Let’s go through what IVAs are and their good and bad points.
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Let’s start with the obvious; what is an IVA? Individual voluntary agreement is something that you enter into freely - it cannot be imposed on you by your creditors like bankruptcy can be. It is where you realise you are struggling with your finances and you appeal to your creditors to make reduced payments.
It’s not just a simple as contacting your creditors and asking them to accept less money from you, there are procedures that have to be followed and criteria to be met.
You will find that most local creditors would rather receive some money from you rather than nothing at all, and the process allows them to recoup a lot of money that they might otherwise be missing out on if you were to go bankrupt instead.
This is why an Individual Voluntary Arrangement is usually granted in the vast majority of cases. If the IP does not think that your financial situation will be improved by applying for an IVA then they will suggest alternative methods for you.
If you want to apply for an Individual Voluntary Agreement then you have to register with an Insolvency Practitioner first. The Insolvency Practitioner will;
There has been a steady increase in the number of companies offering to complete individual voluntary arrangements for people who are struggling with debt. Trying to find IVA companies near me will not be difficult, but the amount that they charge for their services varies drastically.
Once the arrangement has been agreed with your creditors, you will make one monthly payment to your Insolvency Practitioner who will pay your creditors on your behalf. They charge you each month for this distribution and there is also a one-off charge for setting up the arrangement in the first place.
If you would like recommendations for IVA companies nearby you and in surrounding areas that offer a professional service without the huge price tag, contact us by completing the form below.
A voluntary arrangement is an excellent way to show your creditors that you are trying to be financially responsible. It does, however, need careful consideration as there are some drawbacks that you need to aware of before applying for a voluntary arrangement.
If you are considering applying for an IVA but need advice then we can help. We can advise you from what can and cannot be included on your household budget form, to recommending the best course of action for your particular circumstances. Please get in touch for any IVA advice you may need and we’ll steer you in the right direction.
How does an IVA work? Once your Insolvency Practitioner conducts a meeting with your creditors they must vote on whether to accept your offer or not. As long as 75% of them agree then the agreement will be approved. Even creditors who voted against it must go along with it if 75% agree.
You will then make one payment a month to your IP who distributes this amongst your creditors. They usually last for five years. During this time, all interest, fees and charges are frozen on the various accounts and your creditors are not allowed to approach you for any more.
Once the agreement has been completed, any remaining debt, interest and charges are written off and you will be free of them. Your creditors cannot chase you for them.
Speak to us if we can help you with any aspect of an Individual Voluntary Arrangement along with Insolvency Practitioners or help with your household budget. We can recommend firms who specialise in this particular area and deliver outstanding results for the best prices.