Exactly what happens next...
Introduction
We approach your creditors and arrange for you to enter into a formal arrangement whereby you pay a percentage of your overall debt in full and final payment. This payment can either be a one off or spread over the course of 1 - 5 years.
We make them understand there is no benefit to them if they continually demand money, which the individual clearly does not have.
We make your creditors realise that your payments can simply not be made and make it clear that they have two alternatives:
- Make our client bankrupt and receive nothing - which is in nobody's interest -or
- Agree to a formal arrangement where they will receive a percentage of monies due.
The return for creditors in an arrangement such as this is far more beneficial than would be achieved in a bankruptcy procedure
Think about it, what would you accept if you were owed money?
- You enter into a legal agreement which binds you and your creditors. Once agreed to, they can never trouble you again for those debts.
- This procedure is referred to as an Individual Voluntary Arrangement (IVA) . It offers a more constructive solution than of bankruptcy.
- This agreement is governed by English law and although widely practiced it is not commonly known.
- You are probably saying to yourself that it is too good to be true. We can prove to you that there is an answer to your problems.
PAYE/Individual Debt Advice Menu
- PAYE / Employed Individuals enquiry form
- What is an IVA?
- Individual & Personal Insolvency
- Individual Insolvency Register
- The IVA procedure
- IVAs - Facts and how they work
- IVAs - Frequently asked questions
- IVAs - Estimated completion timescale
- IVAs - Documentation required
- Download IVA questionnaire form
- Sample IVA Proposals for PAYE worker
- What about my banking options?
- What do we do?
- Exactly what happens next...
- Why a loan won't help
- What is bankruptcy?
- What if you have equity in your property?
- Beware of informal debt consolidation
- Non-dischargeable debts
- How do you qualify for an IVA?
- Five point debt action plan
- Debts under £5000?
- Recent client profile
- Trust Deeds (Scotland only)
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- Bailiff guide - know your rights
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- The world of credit repair - main menu
IVA Advice Menu
- IVA (Individual Voluntary Arrangement) Overview
- The IVA procedure
- What is an IVA?
- IVA Enquiry Form
- How to start an IVA
- Who can an IVA help?
- IVA's - Facts & how they work
- Benefits and Advantages of an IVA
- Who can an IVA help?
- IVA - Help and information
- How an IVA works
- IVA's - Frequently asked questions
- IVA - Estimated timescale
- The IVA approval process
- The IVA criteria
- Bankruptcy or IVA
- IVA - What are the costs involved?
- IVA - The documentation required
- IVA - Download forms
- Sample IVA proposals for PAYE worker
- IVA - Guide to creditors Fees
- IVA - Standard Terms & Conditions
- Individual Insolvency Register
IVA's
The IVA Guide
Money Advice Direct has put together an IVA Guide based on the enquiries and questions that we receive at our helpline offices.
In the guide we cover such subjects as IVA Approval, early settlment of your IVA, missed IVA payments, IVA failure, additional debt claims and much more.
[click here for IVA Guide]
What is an IVA?
The IVA is an extremely powerful tool enabling you to clear your debt and return to a clean financial bill of health. Visit Money Advice Direct's Guide to Individual Voluntary Arrangements (IVAs).
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DANGER
Due to the tremendous demand for debt consolidation services the United Kingdom is now overloaded with debt management companies that contain misleading information. [more...]