Individual Voluntary Arrangement

As I mentioned, an Individual Voluntary Arrangement (IVA) is an agreement with your creditors to pay all or part of your debts. You agree to make regular payments to an insolvency practitioner, who will divide this money between your creditors.

An IVA can give you more control of your assets than bankruptcy.

Individual Voluntary Arrangement Advantages

• One sustainable payment for a set period of time.
• Creditors legally freeze the Interest and charges from day one and Creditor contact will stop.
• Legal protection from your creditors, all pending action will cease.

Individual Voluntary Arrangement Dis-Advantages

• No unsecured borrowing during the agreement. While the debtor is in an IVA, they keep they will not be able to apply for further credit.
• Damaged credit rating, the debtor’s credit rating will be affected, and they will find it difficult to obtain credit for a period after the IVA is completed (normally 12 months).
• The debtor must include all creditors and they cannot make a separate arrangement with each one.

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