IVAs - Individual Voluntary Arrangements , Debt Solution.
An Individual Voluntary Arrangement sometimes referred to as a Voluntary Arrangement or IVA is an agreement with your creditors to make a single reduced payment each month. This lasts for an agreed period of time (usually up to 60 months*). Once agreed, creditors are not allowed to add interest or charges to your accounts by law. The agreement is fixed meaning that creditors cannot randomly demand changes to it. The IVA allows you to pay of a proportion of debt which you can afford each month. The outstanding debt which has been determined you can not afford to pay is written off. Blair Endersby works with you to understand what debts you have and then contacts your creditors to establish a level of debt you can afford to pay
The specifics of an Blair Endersby IVA include:
- Single monthly affordable payment that is fair to you and your creditors.
- Fixed repayment period (normally no more than 60 months*) with a specific end date.
- Creditors must freeze all further interest and charges which means your debt will not increase.
- Once the final payment is made, any outstanding debt is legally written off by the creditors.
- Creditors cannot go back on the agreement and demand increased payments.
- Protection from court action by creditors.
- The IVA is discreet and can be used by professionals, forces personnel and police forces without damaging career prospects
- The IVA will be recorded on your credit file. This means that you will not be able to take further unsecured borrowing for the period of the IVA.
- Once the IVA is complete, you can borrow again. However, it may take some time for your credit rating to repair as it will be seriously impaired. Information regarding your IVA (if approved) will remain on your file for up to 6 years after its completion.
- During the course of the IVA, you may have to release a proportion of any available equity in any property you own as part of your overall contribution to your Creditors. This will usually happen after year 3 however our insolvency practitioner will be able to advise in your particular circumstances.
For more information or FREE GUIDANCE simply fill in the form on this page and an experienced member of our team will call you back. Alternatively, you can call us on 0800 096 1711 Get your Debt Solved with Blair Endersby Today
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