What is an IVA?
IVA (Individual Voluntary Arrangement) is a legal agreement between a borrower and his creditors. IVA is carried by a licensed insolvency practitioner who negotiates with the creditors and up to 75% of the debts are written off depending on the circumstances of the borrower.
How long does it take for the completion of the IVA?
IVA usually have a completion term of 5 years.
Will I be able to save my home if I enter an IVA?
One of the major benefits of IVA is that helps you to retain your home which can be under threat under bankruptcy.
Will I be able to get rid of creditor harassment with IVA?
Since an IVA is legally binding it debars your creditors from contacting you with respect your repayment as long as you make your monthly repayment.
Is an IVA for me?
We will be able to answer this question, when you apply with us for IVA debt advice. However, if you have unsecured debts above £15,000, then IVA can offer you a good solution.
What happens to the bankruptcy order or CCJ against me when I apply for IVA?
An IVA freezes all legal actions against you. The insolvency practitioner will inform the concerned court with the fact that you have applied for IVA. Once the IVA is finalized the order is cancelled.
Can I repay my IVA earlier?
Yes, there is a provision in case you want to repay your IVA earlier than expected. In such a circumstance your insolvency practitioner will negotiate with creditors for an early settlement.
How long will it take for me to finish the IVA procedure?
Finalizing an IVA can take anywhere from 4-6 weeks which involves making an IVA procedure with all the legal formalities. This IVA proposal is then approved upon by your creditors which finalizes the process.
What if I need advice before I decide?
You can easily contact us and we will provide you with an IVA expert who will personally look into your requirements and offer advice which helps you in making your decision.
