IVA

What is an IVA (Individual Voluntary Arrangement)?

• Customer must be in financial difficulty.
• Customer must have a debt size of £15,000 or more.
• Customer must have 3 or more different creditors.
• A formal arrangement through the County Court to pay an agreed amount of your debts over a fixed period.
• Customer will pay one affordable monthly payment for 5 years.
• After 5 years any debt remaining is written off Customers can avoid bankruptcy and safeguard their property.
• All correspondence, telephone calls will stop once the IVA has been approved.
• Customers may be asked to re-mortgage their property in the fourth year to release equity / cash injection into the IVA.
• May write off a percentage of the debt.
• Credit file maybe affected, however after the 6th year credit file will seem clear.