 An IVA is suitable when someone is unable to pay off their debts but does not want to file for IVA or bankruptcy. It can be an attractive option to all parties including the creditors as often it presents for them a better result than under bankruptcy.
An IVA is a contractual arrangement with creditors and can be as flexible as an individual's own circumstances; they can therefore be based on capital, type of business income, third party payments or a combination of these.
An Individual Voluntary Arrangement (IVA) is a formal agreement between someone who owes money (the debtor) and the people he or she owes money to (creditors). An IVA proposal sets out how the debtor is going to repay the creditors, usually over a period of 60 months. Due to its formal nature, an IVA has to be set up by a licensed insolvency practitioner such as one of our many approved and licensed practices. Unlike most other insolvency practitioners, our practices do not charge any upfront fees for putting together a client's proposals for an IVA.
Individual Voluntary Arrangement (IVA)
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A legal process for UK residents with a significant debt problem (normally over £25,000).
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Payments are normally made over a 60 months period.
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All interest and charges on your account are frozen.
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If you own your own home you may be required to release any equity in your home. This is normally by way of a mortgage or loan secured on it or an extension of the IVA period.
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Your account is administered by a fully qualified, licensed insolvency practitioner, who takes responsibility for liasing with your creditors and distributing funds on your behalf.
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We perform a confidential review of your circumstances to
see whether you are eligible or not eligible.
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On agreement your creditors accept a reduced offer of repayment in full and final settlement of the debt.
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For further information on an IVA or other insolvency services
please do not hesitate in contacting us. Just fill online form and send us, we will contact you with in 24 hrs.
If you are looking for IVA settlement or IVA service in UK than I will help you in all IVA problems. We are expert in IVA solution because we have IVA specialist in all UK. There are certain criteria however that is required for an IVA to have a good chance of success.
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How Does the IVA Work?
Once a decision has been made that an Individual Voluntary Arrangement (IVA) is right for you, you will be asked questions regarding your current financial situation. Based on the information you have given, a repayment amount will be agreed with you. Once proposals have been drawn up you will need to check and sign these and return them to your IP.
An application may then be made to the court for an Interim Order. Once this is in place, no creditors will be able to take legal action against you. A creditor meeting will be arranged to which you should attend.
If the creditor who voted against the Individual Voluntary Arrangement (IVA) represents more than 25% of the total debt you owe the Individual Voluntary Arrangement (IVA) will fail. This is because an Individual Voluntary Arrangement (IVA) will only ever be approved if 75% in monetary value is voted for. If any of the creditors don't vote, it is assumed that they will vote FOR the Individual Voluntary Arrangement (IVA).
The Individual Voluntary Arrangement (IVA) will be legally binding. As long as you keep up the repayments, when the term of your agreement is finished, you will be free from these debts regardless of how much has been paid off.
During the period of your arrangement your financial situation will be reviewed regularly to see if there has been any change in your circumstances.
If you would like to more information regardign IVA service in UK, just fill our online form and send us. we will contact your with 24 hrs. |
