An Individual voluntary arrangement helps you in not getting bankrupt and pay back the debts over a period of time. It is a legal debt solution for individuals who live in England, Wales and North Ireland. It is a formal alternative and a legal binding agreement between the individual and creditors. If 75% of the creditors to whom you owe the debt agree to IVA, then it will be applicable to all the other creditors also. IVA can be taken only with the help of an Insolvency Practitioner (IP) who charges ongoing fees that are in addition to the debt. Mostly, an IVA Help UK service lasts for 5 years, and the debtor repays affordable amounts until the end of this period.
IVA is also one of the debt management solutions that suits your needs by freezing your debts and pay them back after a certain period. If your maximum consolidated debt amount is £50,000, and your income does not allow you to repay all your debts, IVA is the best debt help solution. Since IVA is a legal agreement, you can waive off up to 80% of your debts and during this period no creditor will chase you for the money, they should only communicate with you through IP
We offer unique and personalized services, which are related to your situation on a practical level that will benefit you on a different level. We mainly focus on the individuals and solve the financial crises regardless of the circumstances.
Before applying for the debt management solution, make sure you satisfy all the eligibility criteria. The UK government has put forward a few qualifying benchmarks that have to be satisfied and qualified in order to avail of the service.
The individual applying should be at least 21 years of age to get qualified.
The applicant has to be a legal UK resident, only then he is eligible for the service.
An individual has to have a permanent UK address as proof of staying in UK.
In order to get qualified for the service, the applicant has to have a regular income.
An active bank account will get the individual qualified for the service easily.
The applicant applying for the service should not have been bankrupt in the past year.
IVA is an agreement to pay off debts over a set period. Once you have completed with the IVA period, then IP will give a ‘completion certificate’.
If you see a threat of action from the creditor’s, then you can send a copy and inform the insolvency practitioner about it, he will look into it.
When IVA is active, you cannot borrow money in the form of loans or credits. This also includes borrowing of money from friends and family.
You have to allocate some money for your emergency needs to deal with your unexpected expenses before discussing it with the IP.
We know that it is difficult to be stressed under debts, so we provide the most convenient way to clear your debts. Your situation will be thoroughly analyzed by the IP from our connections before giving you a plan of action.