What is an Individual Voluntary Arrangement?
An Individual Voluntary Arrangement (IVA) is designed specifically for individuals who have encountered debt problems but are looking for an alternative to bankruptcy. It is a formal and legally binding agreement between individuals and their creditors to pay back their debts over an agreed period of time (usually 3 - 5 years).
An IVA is also a way forward for sole traders and business partnerships, where short term cash flow problems have been encountered but the business remains viable and profitable. In any such case, an individual voluntary arrangement would be ideal and here at Frazer & Frazer, help and advice is available at each and every stage of the process.
Key Benefits
- An IVA could save your home from creditors. It is one of the best reasons for choosing an IVA.
- An IVA can write off up to 75% of your debts.
- If you are in business your personal debts can be included in the IVA.
- Your debt would be repaid in monthly repayments YOU can afford.
- All interest and charges will be frozen - your current debts will not increase in value when you start your IVA.
- Bailiffs may be prevented from calling.
- An IVA may prevent bankruptcy proceedings by creditors on existing debts.
To discuss your financial worries please call 0800 0341 776 and ask to speak to a member of our team who will be happy to discuss your personal circumstances and help you decide which way is the best way forward for YOU.
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