An IVA (Individual Voluntary Arrangement) can help people with debt problems of £15,000 or more.
IVA can help any person who is experiencing debt problem, especially those who own their own property. Since an IVA an alternative to bankruptcy it will help you protect your home.
You will benefit from an IVA if:
you owe money to people or companies that are not willing to agree on an informal debt management program
if previously tried to arrange an informal arrangement but it has failed
a number of companies you owe money to makes it inappropriate to arrange a debt management plan
your debts are more than likely to drive you into bankruptcy, and you are trying to save yourself and your properties from the situation.
Other ways an IVA can help you:
You are a business owner and going into bankruptcy means it will be difficult for you to run your business. In this situation and individual voluntary arrangement will be most appropriate because it does not stop you from running your own business
Perhaps you are in a profession that you are not willing to give up, but going into bankruptcy means that you're not allowed to have that profession. In this instance an individual voluntary arrangement can help you keep your job and maintain your profession
Perhaps you have a large lump sum of money, and you are willing to arrange a formal agreement between your creditors and yourself in order to write off your debts
Perhaps you have £15,000 or more debts, and you have significant disposable income that will allow you to make smaller payments to your creditors.
Unlike bankruptcy in an individual voluntary arrangement you do not automatically lose your house or your property. While arranging an individual voluntary arrangement you have the choice of which of your assets or properties you want to nominate as part of the agreement. However, your creditors will most certainly want to see most of your properties or equity in the agreement.
Unlike bankruptcy in an individual voluntary arrangement there are fewer restrictions on you. For example, you can carry on working in your job, maintain your profession, and carry on banking with a current account.
Why use us to set up your IVA?
If you have debts over £15,000 than our Insolvency Practitioners can help you by proposing an IVA plan for you. Our Practitioners are industry regulated with many years experience in dealing with people like yourselves. We believe in providing honest, professional and reliable service. Fill out our online no obligation enquiry form to arrange a callback from one of our specialist Insolvency Practitioners. They will be happy to listen to you and devise a plan that is best suitable for your situation.
