Individual Voluntary Arrangement Specialists
If you are suffering with mounting debt problems and are struggling to find a way out, you should talk to a debt advisor about your situation, they can show that there are ways around any debt problem. If eligible your case may be forwarded to Individual
Voluntary Arrangement specialists.
Individual Voluntary Arrangement specialists are dedicated to providing people with a form of agreement known as an IVA. This is an arrangement between those with excessive debts and their creditors to repay their debts in an easier lower cost way. This works by consolidating all debts in to a monthly instalment that is significantly reduced on the amount you are currently struggling to pay.
IVA`s can save you hundreds of pounds in your monthly budget by freezing interest rates on current debts and stopping any late payment fees and charges.
Specialists work through your finances and compile an in depth income and expenditure report, from this a figure affordable by you will be offered to your creditors.
What Your Individual Voluntary Arrangement Specialists Provide
Due to the formal nature of an IVA it is imperative that your chosen Individual Voluntary Arrangement specialists are licensed to put the agreement in place.
At the early stages of the IVA your specialist will be known as a Nominee. As the Nominee they call a meeting with all of your creditors to propose the monthly payment drawn up by you. It will be assed that you have substantial debt (over £15,000) are able to make the repayment each month (this must be a minimum of £200) and have a regular income. Once it is confirmed you meet these conditions 75% of creditors at the meeting must agree to the terms and conditions of the IVA. If all is fine then the IVA will be set in place, usually over a five year period.
What Happens When the IVA is in Place?
Now that the IVA is in place the role of the Nominee now becomes known as Supervisor. As the Supervisor they will take care of every aspect of the IVA other than make the actual payments each month which is done by you. The Supervisor is of huge benefit to you as they take care of all contact with creditors, including taking phone calls and replying to letters on your behalf.
Should you come in to any windfall of money during the period of the Individual Voluntary Arrangement and wish to ask for a settlement you should also contact your Supervisor. They will then call a Variation Meeting with creditors to outline your request and provide evidence of the money that wish to settle the IVA with. Once the creditors have received dividends then your Supervisor will contact you to confirm the arrangement has been completed.
Individual Voluntary Arrangement specialists working on your behalf will required to be paid a fee during both the Nominee and Supervisor stage of the arrangement. These fees are taken from dividends that creditors receive and do not affect your repayment in any way.