Could an IVA be what you need to become debt free?

When an individuals personal debts have become such a problem that they feel they can no longer manage the monthly repayments, there is a debt management facility called an Individual Voluntary Arrangement or IVA which can give people in debt the free help to clear debt they require.

An Individual Voluntary Arrangement or IVA is a formal procedure set up by a licensed professional, where an arrangement is made between you and all of your creditors to make reduced payments towards the total amount of your debt in an effort to pay off part of what you owe then normally after five years of making these payments your debts are classed as settled.

PLEASE REMEMBER AN IVA IS LEGALLY BINDING!

After it has been agreed that an IVA is the best option for you, you will be asked some questions about your current financial situation to try and work out a figure that you will be able to repay each month for the term of the IVA. 

Once this figure has been agreed by you, an application will then be made to the court for an 'Interim Order' and once  this is in place no creditors can instigate legal proceedings against you. There will then be a meeting of all your creditors which you would be wise to attend. Once the majority of the creditors agree that an IVA should be put in place, that's it. You financial situation will be reviewed during the course  of your IVA!

An Individual Voluntary Arrangement - IVA should not be confused with other informal debt management procedures as it is legally binding and you are tied into to it for five years normally.

If you think you are sure that an Individual Voluntary Arrangement - IVA is the answer for you you can fill in our online IVA application form after which one of our trained advisors will call you, or, you can call us for more IVA help or advice to help you decide if an Individual Voluntary Arrangement - IVA is for you.

Trust Deed in Scotland

In Scotland there is no such thing as an Individual Voluntary Arrangement - IVA. In Scotland a Trust Deed does effectively the same job.

With a Trust Deed you can;

• Stop and prevent interest and charges

• Make one simple monthly payment

• Put a halt to creditors calls and letters

• Stop court proceedings or Bankruptcy

If you think your debt situation warrants considering an IVA and you currently live in Scotland, call us to get detailed Trust Deed facts and figures or you can visit our Trust Deed page if you just need further information about debt help in general.

An Individual Voluntary Arrangement or IVA is not the solution for everyone and it should be carefully considered before proceeding. Your credit reference will be affected due to its formal nature.

You can obtain further information about an IVA if you call us free on 0800 018 6868 and one of our trained advisors will gladly discuss your situation and they will give you the very best help with debt problems and IVA advice in confidence.