|
|
|
About IVA's - IVA OK |
|
IVAs - Individual Voluntary Arrangements
What Is An IVA?
IVAs or Individual Voluntary
Arrangements sometimes referred to as a Voluntary
Arrangements were introduced as a result of the Insolvency
Act of 1986. The process involves agreeing with all your creditors
to make a single monthly payment that you can easily afford.
IVAs usually last for up to 60 months during which time you
will not accrue any further interest or charges. Creditors are
required by law to stick to the agreement you have made with
them and cannot demand full payment at any time.
Once you have been identified as being a suitable candidate for IVA help, An appointed licensed Insolvency Practitioner (IP) will prepare an IVA proposal for you. Once the IP has got agreement with 75% of your creditors (By Value) then the IVA will be a reality. The IP will attempt to attain this agreement at a creditors meeting and will also file and interim order in court.
Once your IVA is accepted you will be required to pay the agreed monthly payment for a set period. On completion of the payments your creditors will be required by law to write off your remaining debts.
|
|
 |
| Why
would I choose an IVA over Bankruptcy? |
|
|
You
may still able to operate a bank account (without
overdraft facility) |
|
You will maintain
any professional status |
|
Avoid any negative
publicity |
|
You may be able to retain your home
and possessions |
|
|
|
|
If you can afford a monthly payment of between £250 to ££300
and your debts are over £15000 then we may be able to help you.
Contact us today. Your case will be treated with confidentiality
and you are under no obligation.
COMPLETE THE IVA-OK FORM NOW!
For free impartial debt advice that
will help you make the right choice.
|
|
