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If a Debt Management Plan or Bankruptcy are not suitable, there is another solution; an IVA. This can be a realistic alternative introduced by the Government as part of the Insolvency Act 1986. This will allow you to become debt free in a reasonable period of time; usually within five years in the majority of cases.
"An Individual Voluntary Arrangement or IVA is a legally binding agreement between the debtor (someone who is in debt) and the creditors who are owed money (such as credit card companies, banks, catalogues etc)"
In order to put together the proposals for an IVA you will require the services of a licensed Insolvency Practitioner who will advise on the best course of action and assist with the entire process.
Debt Plan Direct has been assisting debtors through the IVA process for many years with a consistently high success rate and without the need to charge any up-front fees.
Should I Consider an IVA?
Only repay what is affordable after taking into account your personal circumstances.
- Be free from debt from usually 5 years
In 60 months you will be debt free, the rest is written off.
This is dependant on approval of 75% (by value of the debt) of your creditors, and provided you maintain the payment schedule.
- An IVA freezes interests and charges on your debts
You will stop paying interest on your debts at the point in time of your IVA propsal being approved.
Creditors and Debt Collectors cannot legally pursue debt repayment once an IVA is in place.
An IVA means you reach an agreement with your creditors whereby they cannot bankrupt you if you maintain the agreed IVA payments. Bankruptcy means you lose control of all your assets, including your home.
What can Debt Plan Direct do for me?
- Offer clear advice & a range of solutions.
We will ask you about your debts, income and expenditure.
We will advise if an IVA is the most suitable way to tackle your financial problems.
We offer debt solutions other than IVA's, such as Debt Management Plans, secured loans and remortgages. Therefore you can be assured we are not pushing just one solution, but offering impartial advice, specific to your circumstances. |
