Individual Voluntary Arrangement (IVA) Guide
What is an IVA?
- A legally binding document between you and your creditors.
- A method of preventing your creditors from taking extra action against you to retrieve the funds.
- A way of protecting your home from being sold to pay your debts.
- A method to pay back your creditors in a realistic way and with a realistic time frame.
- An IVA will potentially write off 55% of an average debt that is almost £60000.
- IVA lends itself best to those individuals who have debts in excess of £15000.
- An IVA will have an Effect on legal aspects and professional aspects. Ensure you are aware of this.
- Are there guidelines for who can enter an IVA?
- What is a business IVA?
- Is there a best IVA on the market?
- How much does an IVA cost?
- Are there repercussions if I do not stick to my payment plan?
- How is an IVA completed?
- Is there a register that holds information on my IVA?
- Does an IVA affect my property?
- Can the creditors reject my IVA offering?
- Are there any affects towards my credit rating?
- Who is responsible for the various IVA fees?