Individual Voluntary Arrangement

What is an IVA?

At the present time, majority of UK residents are in some sort of debt. Be it loan for schools and colleges, money to buy a car, mortgage or other debts. A large number of people stick to paying off the minimum payments and that extends the length of the loans or borrowing considerably. Some however, are not up to scratch with managing their money and end up not making the necessary repayments.

Unfortunately, a lot of people start to take notice of these loans and borrowings only after things have gotten out of their control; and they start to affect their lives.

Fortunately however, with people that has a lot of debt, for example in excess of £15,000 there is IVA. Its full name is Independent Voluntary Arrangement. It acts as a legal binding between the debtors and creditors to arrange a legal repayment plan. IVA usually lasts for 5 years. In the process it freezes the interest rates or significantly reduces them. IVA is a great alternative to bankruptcy.

Since IVA is a legal binding between parties, it has to be set up through a legal insolvency practitioner. IVA practitioners are independent and as a result will have your best interest at heart. They will ensure a plan is set up in order to help both you and your creditors, since they usually get their fees off the creditors.

Your insolvency practitioner will go through a protocol in order to set up an IVA plan for you. You can find out more on how it is done in the IVA procedure page.

On completion of the plan, you will be written off as debt free even if it means some of your debts hasn't been paid off. IVA plans usually lasts for 5 years. An IVA is a brilliant alternative to bankruptcy. More and more people are considering IVA as a choice of financial solution, it is becoming ever more popular in the UK.

At Debtmanagementloan.co.uk we work with well established companies that have many years of experience in working with IVA. Our service is Free of Charge. We genuinely believe in helping people with financial issues. No one deserves to have their lives affected because money and this is why we will put you in touch with some of the finest Insolvency Practitioners in the UK. Fill in our comparison form to see which of the options will suit you best.