If you, or your family, are struggling financially and you are finding it difficult to keep up to date with the monthly repayments on your unsecured debts then you may need specialist help in the form of an Individual Voluntary Arrangement – or IVA, for short.
What is an Individual Voluntary Arrangement?
An IVA is a legal debt solution that allows for all unsecured debts to be gathered together, under the supervision of a Licensed Insolvency Practitioner (IP), and consolidated into one affordable monthly payment. The IP will analyse your personal financial circumstances, taking into account all of your income and outgoings, in order to calculate how much you can afford to pay into the arrangement to cover your unsecured commitments. All of the repayments to these accounts and all communication with your creditors, including phone and post, will be dealt with by the Supervisor.
The term of an IVA is usually five years, although this can vary, and once the arrangement is complete the remaining debt will be written off.
For more information on the pros and cons of an Individual Voluntary Arrangement please call the number at the top of this page, or click on this link for IVA advice.
If you do not qualify for an Individual Voluntary Arrangement, or if it is not the most suitable option for your circumstances, then an alternative could be a Debt Management Plan (or DMP). This is a more informal type of programme however it will still allow all unsecured debts to be gathered together into a single affordable monthly payment. For more information please call the number above, or click on this link – debt management.
