Individual Voluntary Arrangement Debt Solution

Individual Voluntary Arrangement Debt Solution

Losing control of finances can occur to anyone, it can start with just missing one payment to your creditors and quickly escalate as you try to catch up, meanwhile credit card and loan companies continue to add late payment charges and fees, pushing you further into debt. If you find yourself in the position where your debts are over £15,000 you should seek help and advice from a dedicated insolvency company they may be able to recommend you an individual voluntary arrangement debt solution.

What is an Individual Voluntary Arrangement Debt Solution?

An individual voluntary arrangement debt solution, commonly known as an IVA is an agreement between you and your creditors, when you are struggling to make payments it gives the chance to payback a reduced monthly figure based on your financial situation. You are probably paying back hundreds of pounds in repayments to creditors at the present time, by entering in to an IVA you save on interest rates and all late fees and charges are frozen saving you precious money and making planning your finances easier.

You will be required to find an individual voluntary arrangement debt solution company who are licensed to put an IVA in place for you, this is because IVA`s are legally binding and upheld in a court of law, they will be known as the IVA supervisor, a proposal will be put to creditors who will decide if the IVA can go ahead.

Once the IVA is put in place it will be paid over a 60 or 72 month period (in most cases it is 60 months) during this time all that is required of you is that make the regular payment. Your supervisor is responsible for forwarding the dividends on to creditors; they also take care of any interaction with creditors during the term of the arrangement.

Other Information

There are many ins and outs with an individual voluntary arrangement debt solution; your chosen representative will be able to answer any queries you make have. Listed below is some of the important information you should know about IVA`s:

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