• Freeze interest and charges on your debt immediately
• Stop contact and demands from your creditors
• Consolidate your debts into one affordable monthly payment
• A clear plan to get you out of debt at a sensible pace
• Free expert help and advice with no obligation or pressure

IVA Advice

An IVA, or an Individual Voluntary Arrangement is one way to eliminate your debt. How an IVA works is that you must first get the approval to use this method from your creditors; if your creditors accept the arrangement there will be an Insolvency Practitioner, (IP) which is someone who will supervise the arrangement for a five year period of time. This is the person who will handle the money and ensure that the creditors are getting their payments.  A separate bank account will be set up for each individual IVA agreement; the payments will go into to these accounts. In some cases an IVA may involve an agreed upon lump sum payment to be made on a particular date. This could be for an IVA mortgage, or any other type of IVA agreement. Your IP will decide how this payment should be made, as it is he or she who you will have to make the payment to.

The Best IVA Advice

For the best outcome you will want to get IVA advice. One of the most important things you can do to ensure success and avoid bankruptcy is to make your payments on time, all of the time. If your payments are late you will default on your IVA, and it does not matter how far into the agreement you are, you can still default. If you are going to be late making an IVA payment, you will need to contact your IP as soon as possible to find out how to handle the situation.

An Income Review is Part of the IVA Debt Management Plan

On an annual basis your IP will review your income; the purpose of this is to ensure that you are still making enough money for the agreed upon payment to be affordable. If you are making less money your payment may be reduced, if you are making more money the payment amount could increase. For this IVA review you will have to send in copies of your pay slip on a monthly basis, or how ever often your IP decides.

An IVA Full and Final Settlement

If your circumstances change significantly you may want to consider an IVA Full and Final Settlement. This will involve paying off your debt early, and although this may require you to pay all of the debt or most of it, it is well worth it if you can do this. If you do have the money to pay your debt, it is better to make an arrangement with your creditors to do so, and often they will agree to less if they are getting their money in a lump sum.