Opt for IVA instead of enrolling in a debt help program

If you're unable to make timely payments towards your debts, you must immediately find out ways by which you can get rid of them. To do this, you can consider enrolling in a debt help program offered by various debt relief companies. However, you can also consider an IVA (Individual Voluntary Agreement) to solve your debt problem. Unlike the programs offered by debt relief companies, IVA is a legally binding agreement and your creditors must abide by it.

What is IVA and how does it work?

An IVA is a legal agreement between you and your creditors that will assist you pay off your outstanding debts. For this debt solution, you will have to find an authorized insolvency practitioner who will help you apply to the court. The way IVAs work is explained below.

• Apply to court for interim order: To prevent your creditors from suing you, you have to apply to the court for an interim order. During this interim period, your creditors cannot take any legal action without permission of the court.
• Present your proposal before the court: The insolvency practitioner appointed for you tells the court about your proposal and also suggests whether a meeting of your creditors should be arranged.
• Notice of meeting send to creditors: If the court decides that the meeting should be held, your creditors are informed about the details of your proposal and the date of meeting.
• Creditors vote to accept proposal: Your creditors vote to accept your proposal at the meeting. If majority of your creditors or creditors who own 75% of the debt, vote in favour of your proposal, you get a repayment plan.

What are the advantages of IVA?

The biggest advantage of IVA is that once the creditors accept your proposal, they cannot make any changes to the repayment plan. Some of the other advantages are:

• Affordable monthly payments: Your monthly payments get reduced to a level that is affordable for you.
• Safeguard your privacy: IVA is a private agreement. The matter will not be published in the media or disclosed to your employer.

Most importantly, IVA gives you the opportunity to save your important assets (like your home) which you may not have saved when declaring a bankruptcy. So, if you want to get out of debt in a convenient way, an Individual Voluntary Agreement can be the best option available.

FIND OUT IF YOU QUALIFY FOR AN IVA BY FILLING IN THE FORM BELOW

First Name	Surname
Phone/Mobile Number	Email
Address	Total Debt £ (approx)
	Please Select £500 - £1,000 £1,000 - £15,000 £15,000 - £25,000 £25,000 - £50,000 £50,000 - £75,000 £75,000+
Number of Debts	Monthly Income
Please Select 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15+	Please Select £100 - £500 £500 - £1,000 £1,000 - £2,000 £2,000 - £3,500 £3,500+
Nature of Income	Living Situation
Please Select Full Time Employment Part Time Employment Self Employed Pension Only State Benefit Unemployed	Please Select Council Tenant Private Tenant Home Owned with Mortgage Own Home Outright Living with Parents