If your debts are too high and you are unable to continue to make your credit card payments an IVA can help you.  An IVA is

 

• A legally binding way to reduce the amount that you pay back
• A way to stop any further interest charges
• A way to reduce your monthly repayments
• This means you pay less to your creditors and have more for yourself and your family

 

 Want to know more?  Contact Us Now or use the Enquiry form

 

What is the procedure of an Individual Voluntary Arrangement (IVA)?

1. You complete and return an application form together with copies of all recent bank statements.
2. On receipt of your questionnaire, a consultant will contact you in order to talk through your application.
3. If our case meets the criteria you will accepted onto the IVA programme and referred to one our panel members.
4. The panel member will now act for you and will then contact all your creditors informing them that they are now your legal representative.
5. Based on the information provided by you an IVA proposal will be draughted, this is a written agreement setting out the actual terms of the IVA.
6. In order to legally protect you from your creditors a form of legal protection called an "interim order" is granted. This gives you full protection from your creditors.
7. Once the Interim Order is granted no legal action may be bought against you. Having an interim order means you are fully protected from creditors issuing or continuing bankruptcy proceedings.
8. The panel member then prepares a statement called a "Nominees Report" which portrays a professional opinion as to whether the IVA is a bonafide offer.
9. Shortly afterwards a meeting of creditors is held. In theory this meeting consists of all the creditors gathered in a room to discuss the IVA. In practice, however, creditors rarely attend because all voting is done prior to the meeting.
10. Once the IVA is approved you are legally contracted to keep up your monthly IVA payments. Once accepted your creditors can never bother you again. This monthly payment will be easily affordabe because it is based on your disposable income.

 

 

Using the Individual Voluntary Arrangement (IVA) procedure

 

The IVA is an extremely powerful tool enabling you to clear your debt and return to a clean financial bill of health.

 

To discuss an IVA Contact Us Now or use the Enquiry form

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