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Subject to your individual circumstances you could qualify for an Individual Voluntary Arrangement (IVA). An IVA allows you to enter a legally binding arrangement with your creditors to repay your debts in part or in full. You will have one affordable monthly payment over a fixed term and whatever unsecured debt is left outstanding will be WRITTEN OFF – this can be as much as 70% off. You could be DEBT FREE within 60 months.*
The IVA was introduced in 1986 as an essential piece of legislation which allows you to avoid bankruptcy. It suits many people who have over £14,000 in debt; provided that they have a regular income and can afford an agreed reduced monthly payment. An IVA is a legally binding agreement which protects you against any further action from your creditors.
With an IVA you agree to pay your creditors only what you can truly afford in a single payment each month, in the majority of cases for a period of five years.* If 75% by value (£) of your creditors voting on your IVA proposal agree to your new proposed amount then your creditors will agree to write off the remainder of your unsecured debt which you're not able to repay.
You will have one dedicated advisor who will guide you through every step of the way and review your circumstances annually to ensure your monthly payment suits your situation within the confinements of the IVA.
Some homeowners may be required to seek a re-mortgage in the 4th year of the IVA to release equity.
Example of one of our clients:
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*An IVA will affect your credit rating for up to 6 years and a fee will be payable if you proceed. IVAs are managed by Churchwood Financial (Management) Ltd t/a Kingsgate Insolvency, a member of the Churchwood Finance Group.