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What is an IVA?
An IVA “Individual Voluntary Arrangement” is a legally binding agreement between you and your creditor. It allows an individual in financial difficulty to make a formal proposal to settle their debt within a reasonable and fixed period of time (normally 5 years). Any interest and debt charges will be frozen and creditors will be prohibited from demanding additional payments.
An IVA involves making monthly payments based on an affordable disposable income. Once the final payment is made, any outstanding debt is legally written off. As thus the aarrangement can write off up to 95% of your debts (subject to your circumstances).
An IVA will:
- Prevent any legal actions against you.
- Freeze debt interest and charges.
- Cancel out any existing CCJ's.
- Cease demanding letters and phone calls from your creditors.
- Give you a fresh credit slate.
- Your case is strictly confidential and will not be published in the local paper.
- Your case will not affect your professional life and you are able to continue your career without interruption.
- One solid repayment fee, usually a minimum of £200/month. • Your creditors deal with our Insolvency Practitioners to relieve you of phone calls and written reminders.
- All remaining debts will be written off at the end of an IVA, if fulfilled successfully. • Once in an IVA, creditors cannot change the conditions of the agreement unless approved by you.
- You will be involved in the choice of assets made available to creditors. As long as 75% of your creditors all agree with the terms of your IVA the other 25% are legally bound to the agreement as well.
IVA Guides: IVA Guides
IVA Guides: Why IVA?
IVA Guides: Starting an IVA
IVA Guides: Pros and Cons IVA
IVA Guides: FAQ
IVA Guides: Expert Advice
IVA Guides: Health Issues
IVA Guides: IVA News Articles
IVA Guides: IVA Testimonials
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| Thomas
Charles & Co - the Debt Help Specialists |
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