An IVA (Individual Voluntary Arrangement) is a solution for individuals that have unsecured debts and are struggling with repayments.
It is a legally binding solution that helps people to repay debts at a more affordable rate.
An IVA will typically last for a period of 5 years and during this time creditors included in the agreement will freeze interest and charges and write off any remaining debt at the end of the IVA.
Individuals in an IVA are also protected from unsecured creditors taking further legal action against them including petitioning for their Bankruptcy and they are no longer allowed to contact them about their debts.
So if you are struggling with your debt repayments, an IVA could be the right solution for you.
If you decide to apply for an IVA with us;
We will work out a new personal budget for you and based on what you have told us we will include this in your offer to creditors, known as an IVA proposal. Also included in your proposal will be details of how you found yourself to be in financial difficulty and also details of any assets you may have so that creditors can fully understand your financial position.
Your proposal will be sent to each of your creditors and if enough of them agreed to it, it will be approved. In order to achieve this we need creditors who own 75% of your unsecured debt to accept the IVA for it to go ahead.
Whilst we can’t guarantee that your creditors will agree to an IVA, we will do all that we can to demonstrate that it is the right option for all parties involved.
Once the IVA is approved your first monthly payment must be made within 30 days.
At the end of a successful IVA, any unsecured debt that you couldn’t afford to repay will be written off.
Want to learn more or apply? You can do that here – www.giraffe.money