An Individual Voluntary Arrangement or IVA is best defined as a 5 year debt repayment plan, that allows a person to define their own IVA agreement.
The IVA that each person puts forward to their creditors is unique to their personal circumstances and therefore we can only try and define IVA arrangements in general terms.
So here are the general headline points that define the IVA as a debt solution.
- An IVA will allow you to reach a new affordable monthly repayment agreement with your creditors.
- An IVA will last for a defined time period, which is normally 5 years.
- An IVA is paid for by your creditors out of your IVA contributions, so no extra bill for the IVAs costs.
- An IVA will stop all your creditors from being able to take legal action against you.
- An IVA will freeze all interest payments from being added to your debt.
- An IVA will stop any further fees and charges being added to your debt.
- An IVA is a private agreement between you and your creditors and, unlike bankruptcy, is not publicised
- An IVA treats all your creditors without preference, therefore is deemed as being a fair arrangement.
- An IVA is a formal arrangement therefore making all your creditors legally bound by its terms.
- An IVA will allow you to legally write-off any debt you have not been able to afford to repay.
- An IVA will stop your creditors from taking actions against your assets such as helping you protect the equity in your home.
and finally….
- An IVA will give you peace of mind, in the knowledge that your debts are being dealt with permanently.
So now you know how a defined IVA offer to your creditors can clear your personal unsecured debts, defining how an IVA will protect your home on your terms and leave you debt free after just 5 years.
My IVA Adviser is a specialist IVA company offering straight IVA advice.
To see if you qualify for an IVA call 0800 088 7503.
Ask one of our IVA advisers to give you a free IVA consultation. Simply call our free helpline number 0800 088 7503, or leave your details on the contact form onteh side of the page.
Related Articles: