IVA Advice
What is an IVA?
An IVA (Individual Voluntary Arrangement) is a legal route to repay you debt at a set amount over a set period of time (normally 60 months).
Write off up to 75% of your debt
Debt Free in normally 60 months
Freeze Interest and Charges
Stop creditors contact
To apply for an IVA you must owe more than £15000.00 and you must be able to afford to pay at least £200.00 a month to your creditors.
Your creditors will take a vote on the IVA to Accept or Decline the offers. If an IVA then gets accepted you will then make your monthly contribution for 60 months until the debt is paid, after the 60 months you will be debt free.
If you are a home owner then your property MAY have to be remortgaged to release any equity to pay towards the IVA.
Useful Links
IVA - Pros & Cons
IVA - Criteria
IVA - Steps
IVA - Alternatives
IVA - Overview
IVA Vs Debt Management Plans
IVA Vs Consolidation
IVA Vs Bankruptcy
IVA - FAQs
IVA - Glossary
