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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 over £16,500.
• 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 numbered 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
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 can not 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.
What will an iva cost?
At Vincent Bond we pride ourselves on our quality of work..
Our fees
We charge 2 extra payments (so your IVA is 62 months rather than 60
months). These payments are based on your affordable income and you
would need to talk to an advisor to find out more.
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
advisor and an assistant advisor).
• You will be given an emergency contact number for your senior advisor
should you have a problem out of hours (e.g. creditors hassling you).
• The complex 10 page Statement of Affairs IVA proposal will be filled
out on your behalf by your senior expert advisor (after detailed
consultation with you), this will maximise the chance of your IVA being
accepted.
90% 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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I was very concerned about joining a debt management program, but once I went through my o ... more
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