What is an IVA
IVA's were introduced by the government as a means of allowing people to get out of debt. If you owe more than £15,000 and have a regular income you may be eligible for an IVA. You don't have to be a home owner.
If you cannot afford to repay what you owe it is pointless for creditors to chase you for money. This is where an IVA is applicable. We will agree with you what you can reasonably afford to pay each month and we will explain this to your creditors. We will ask them to accept this monthly payment for a period of 5 years after which all remaining debts are written off. You will then be debt free.
An IVA (Individual Voluntary Arrangement) can write off up to 90% of your debts but in reality it is likely to be less than this. These debts do not have to be repaid. You make one monthly payment to us. We distribute this between your creditors.
After 3-5 years your remaining debts are written off. Interest charges are frozen and creditors stop chasing you for money.
