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What is an IVA?
• An IVA or Individual Voluntary Arrangement is a legally binding
agreement with Creditors.
• It allows someone who is in financial difficulty to make a formal
proposal to settle his/her debts within a reasonable and fixed period of
time - normally 5 years. |
• The repayment proposal is based on what you can afford to pay.
• After the agreed payment period, any outstanding debt will be legally
written off by your creditors.
Is it right for me?
To take on an IVA you must:
• Be insolvent, which means you owe more than you can afford to pay each month and have no assets that could pay the debt in full.
• Have unsecured debts of £15000 or more
• Be resident in England, Wales or N/Ireland.
• Be able to show sufficient proof of circumstances (ie paperwork).
• Have stable employment.
• Have modest and reasonable living costs.
• Have an honest and responsible attitude.
• Be able to budget carefully during the IVA.
So if you meet the criteria above and want:
• To avoid bankruptcy
• To keep your home safe
• Pay as much as you can to your creditors
• Be debt free in 5 years or under
Then an IVA could be right for you.
Advantages of an IVA:
• Single affordable monthly payment.
• Fixed repayment period (normally no more than 60 months) with a specific end date giving Light at the End of the Tunnel.
• Creditors must freeze all further interest and charges.
• Once the final payment is made, any outstanding debt is legally written off by the Creditors.
• Creditors are legally bound to the agreement. They cannot go back on the agreement and demand increased payments.
• Current and Future CCJ’s overturned.
• Protection from court action by creditors.
• The IVA is discreet and can be used by professionals, forces personnel and the police without damaging career prospects.
Disadvantages of an IVA
• Although the advantages of an IVA are significant, undertaking an IVA is a serious matter. As such, there are some things that you must bear in mind.
• The IVA will be recorded on your credit file. This means that you will not be able to take further unsecured borrowing for the period of the IVA.
• Once the IVA is completed (normally after 5 years), you can borrow again. However, it may take some time for your credit rating to repair.
• If you are a home owner, during the course of the IVA you may have to release available equity from your property to increase the overall settlement offer to your creditors.
• Whilst your name is not published in the newspaper, it should be pointed out that the IVA will be entered onto the government insolvency register, which is a searchable public database.
Our fees
At Vincent Bond we pride ourselves on our quality of work. We charge 2 extra payments based
on your affordable monthly income (so your IVA is 62 months rather than 60 months). This enables us
to ensure that your case has the best possible chance of success and our results show this:
95% of cases that are presented to creditors are accepted as we take great care to ensure that
the proposals are fair and reasonable to both you and your creditors.
The advantage of using Vincent Bond
• If you proceed with Vincent Bond you will get 2 dedicated personnel to work on your case until the IVA is accepted (a senior debt consultant and an admin support officer).
• You will be given an emergency contact number for your senior consultant should you have a problem out of hours (e.g. creditors hassling you).
• A detailed Statement of Affairs document will be filled out on your behalf by a senior debt consultant (after consultation with you), which will maximise the chance of your IVA being accepted.
95% success rate and Vincent Bond Promise
• If you take on an IVA, to guarantee complete peace of mind in your agreement with us, we operate a ‘Vincent Bond IVA Promise’. This means that if for any reason your IVA is rejected at the creditor meeting, we will help set up an alternative solution free of charge.
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Vincent Bond on the BBC more |
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Vincent Bond on the BBC more |
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Thankyou so much for the chat yesterday, you really put my mind at ease. It was so refresh ... more
27 July 2010
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Thank you so much for all you help and support, thanks to you my IVA has been accepted and ... more
25 July 2010
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Excellent very supportive will follow advice and be back in contact in near future ... more
22 July 2010
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do not think louise could improve on the help she has given me , nor the time and speed as ... more
22 July 2010
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Tracey, you cannot do anything better than you you do now. Fantastic person to deal with, ... more
21 July 2010
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It's just nice to know there's a place like Vincent Bond for people to go to as an alterna ... more
20 July 2010
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the service i have had has been great and helped me a lot. this is the first time i have b ... more
17 July 2010
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It's such an embarrasing subject and being so young and in debt I wondered what would they ... more
17 July 2010
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Keith was professional from the first moment we spoke. He understood the circumstances I w ... more
14 July 2010
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After being with another organization and seeing how they treated me like a number, it is ... more
11 July 2010
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