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IVA - debt management
Recommended IVA specialists
If bankruptcy is not an attractive proposition, an IVA (a product of little-known government legislation) may offer a much more acceptable debt solution.
An IVA - Individual Voluntary Arrangement is a way to limit your outgoings whilst still keeping your creditors happy. Essentially, a third party company (see specialists listed opposite) negotiates with your creditors on your behalf to arrange a single monthly payment that ensures they all get paid a proportion of what they are owed.
IVAs are growing in popularity. Indeed, this year has seen a 100% increase in the number of people applying for an IVA.
The disadvantage of an IVA, when compared to bankruptcy, is that it will take between three and five years to pay off your debts. But during the lifetime of the IVA, you can conduct your affairs as normal and AT THE END OF THE IVA, ANY OUTSTANDING DEBTS ARE WIPED OUT, WITH NO NEGATIVE EFFECT ON YOUR CREDIT RATING.
An IVA - Individual Voluntary Arrangement is a way to limit your outgoings whilst still keeping your creditors happy. Essentially, a third party company (see specialists listed opposite) negotiates with your creditors on your behalf to arrange a single monthly payment that ensures they all get paid a proportion of what they are owed.
IVAs are growing in popularity. Indeed, this year has seen a 100% increase in the number of people applying for an IVA.
The disadvantage of an IVA, when compared to bankruptcy, is that it will take between three and five years to pay off your debts. But during the lifetime of the IVA, you can conduct your affairs as normal and AT THE END OF THE IVA, ANY OUTSTANDING DEBTS ARE WIPED OUT, WITH NO NEGATIVE EFFECT ON YOUR CREDIT RATING.
There are some limitations on who can apply for an IVA. For example, you would normally have to owe more than £10,000 to be eligible and 75% of your creditors would have to agree to the arrangement.
But this situation is about to change for the better with the introduction of the Simple IVA
For further information, click here: How to enter into an IVA
NB if an IVA does not seem like the option for you, you might like to consider a
debt consolidation loan.
But this situation is about to change for the better with the introduction of the Simple IVA
For further information, click here: How to enter into an IVA
NB if an IVA does not seem like the option for you, you might like to consider a
debt consolidation loan.
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