Benefits of an Individual Voluntary Arrangement (IVA)

Peace of mind for people with serious debt problems

Under an IVA from The Debt People

To find out if you could qualify for a Debt People Individual Voluntary Arrangement call today or complete the form on the right.

Don’t waste time worrying about your debts – take action today and let The Debt People help you to clear your debt once and for all.

Individual Voluntary Arrangements (IVA)

An IVA is a legally binding agreement under the Insolvency Act made between you and your creditors. If an IVA is approved then you pay one monthly payment for a fixed period of months
- normally 60 – and as long as you keep to the agreement you are protected from any further action by your creditors. Which means that they cannot take you to court, cannot make you bankrupt and cannot recover any more money than you agree under the terms of the contract. As part of the agreement your creditors agree to write off the rest of your unsecured debt on completion of the IVA.

Of course an IVA is not for everyone and we promise to offer you this option only if it is exactly right for you. To find out or if you want more information call us now on free phone 08000 370 053.

Alternatives to IVAs

If an Individual Voluntary Arrangement (IVA) is deemed not suitable following our IVA advice, then there are other alternatives you should consider. We can explain all of the debt solutions that are suitable to you, and the differences between them. Below are a couple of examples of other professional debt solutions.

Debt Management Plans (DMP) -
DMPs offer a flexible alternative for people who cannot commit to the level of payments needed in an IVA. With a DMP, all unsecured debts are consolidated into a single monthly payment (which is based on how much you can afford to repay). You can include all personal loans, overdrafts, store cards, and credit card debts on a debt management plan. You won’t need to take out another loan or additional credit, as you will not be required to borrow more money. We’ll negotiate with your creditors for reduced payments, and request that interest and charges are frozen to make finances simpler and easier to manage – however this cannot be guaranteed. You simply make your monthly payment to us and we will deal with everything else, including all creditor demand letters and telephone calls. Debts are repaid in full, but at a level that is affordable to you. Repaying debts at a lower level will increase the length of time taken to repay debts.
For more information, or for immediate debt advice, call 0800 037 0053.

Trust Deeds - Trust Deeds are similar to an IVA but are for people living in Scotland. Like with an IVA, they are arranged over a fixed term, which with Trust Deeds is usually 3 years. A Trust Deed is also a legally binding agreement between you and your creditors, which is set-up and supervised by a Licensed Insolvency Practitioner.

Debt Relief Orders (DRO) – A debt relief order is an order granted by the Insolvency Service that you can apply for if you can’t afford to pay off your debts. It is a cheaper option than going bankrupt. To qualify for a DRO, you must have debts of less than £15,000, minimal assets and a low income. Debt Relief Orders usually last for twelve months and during that time, the people you owe money to (your creditors) will not be able to take further action against you to get their money back. At the end of the twelve months, you’ll be free of all the debts listed in the order.

Other ways that may be suitable to help you get out of debt include refinancing options, remortgaging or debt consolidation loans, which could also be suitable – depending on your circumstances. For more information on all of our professional debt solutions, or for immediate IVA advice, please call 0800 037 0053.