What are the Pros of Individual Voluntary Arrangements - IVA's?

Creditors who vote against your proposal are still bound by it

Creditors whose lending is unsecured can’t take any further action

Interest is usually frozen as long as you keep up your payments

Your insolvency practitioner will help you prepare your proposal, including agreeing the level of your household and personal spending based on guidelines acceptable to creditors.

We will allow you to pay our fees for preparing your proposal monthly, as part of the IVA. No fees are payable if the IVA is not approved

You make only a single payment each month

Your insolvency practitioner is responsible for administering and distributing your payments

The terms of an IVA will usually enable you or your spouse or partner or a relative to make arrangements to buy your share of the net worth of your home or to make extra payments, rather than the home having to be sold. This may be done through a remortgage or a loan. (Net worth means its value after any debts secured on it have been paid.)

On completion of the IVA, the balance of what you owe your creditors is written off

You may be able to continue running any business you have.

Getting in touch with an insolvency expert for free debt advice is as easy as picking up the phone. Call the Debt Advice Helpline on free phone 0800 169 1536