A legal debt solution, an Individual Voluntary Arrangement (IVA), allows you to consolidate your unsecured obligations into a series of manageable monthly payments best iva company uk .
An IVA is a legally binding agreement in which you sign into a contract with your creditors — the individuals to whom you owe money – and agree to make monthly payments for a set length of time, typically five or six years. Any leftover debt will be cancelled off after that.
An IVA firm is a business that specialises in establishing and administering IVAs on behalf of its customers. Your IVA provider will build up your plan, communicate with your creditors, and distribute your monthly payments to the creditors listed in your plan.
How to Create an IVA (Individual Voluntary Agreement)
You cannot create an IVA on your own. You’ll need to select an insolvency practitioner to represent you in making an IVA proposal to your creditors. Typically, insolvency practitioners are qualified lawyers or accountants.
Is it possible to apply for an IVA online?
- It’s simple to apply for an IVA online. Simply follow the steps below:
- Use our IVA Calculator to see if you’re eligible.
- An advisor will go over your income and expenses to evaluate how you are currently managing your money.
- With your permission, your dedicated advisor will run a credit check to examine a complete breakdown of your debts in order to better understand your financial condition.
- You will be provided a monthly cost for your IVA proposal based on your disposable income (minimum £70 per month).
- If you decide to move forward with your IVA, simply inform your advisor, and they will create your proposal.
Things to consider when researching IVA companies
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Service provided via the internet
In today’s digital world, it’s critical to choose an iva company reviews that offers online services. You’d be amazed at how many IVA firms still function in an antiquated manner, which can be extremely inconvenient at times.
As a result, always choose a provider with whom you can communicate online if you have any questions or concerns about your IVA.
Are IVA worth it?
The following are some of the advantages of an IVA: It’s legally binding, which means your creditors must follow it and won’t be able to pursue you for the debt once the IVA is in place. It’s a time-limited agreement, and you only have to pay back what you owe for the duration of the IVA, which is normally 5 or 6 years. Creditors are usually understanding if you simply pay a portion of the debt.
Will an IVA have a long-term impact on your credit rating? After three months, your information will be removed from the Individual Insolvency Register after the IVA is finished. The IVA details will be kept on your credit file for six years from the start date of the IVA.
An individual voluntary arrangement (IVA) is a legally binding contract. … Your insolvency practitioner will value the car to check how much it’s worth.
Has a fixed location
Office visits can be a good indicator of whether or not an IVA firm is reputable. While an on-site visit is not required before selecting an IVA provider, there are IVA companies that operate from a PO box with no street address. This is a red indicator; the finest IVA firms will provide comprehensive information on the firm, the IP’s history, and the IVA procedure itself.
- Typically, there are two fees:
- a one-time fee
- Each time you make a payment, you will be charged a handling fee.
Your IVA firm must be responsive.
- It’s a good idea to look for another IVA firm if their phone lines are always busy or you can’t get through on email.
- If you can’t get in touch with your potential IVA, they’ll most likely be unresponsive in times of need, which isn’t what you want from a company that could help you save money.
Risks vs. Benefits
Nobody wants to find themselves in a situation where they have to enter into an IVA. However, for individuals who are already in debt, they can be a viable option for regaining control without having to go through the arduous process of bankruptcy.
An IVA usually lasts five or six years, during which time the applicant must commit to making acceptable monthly payments, in addition to any lump sum agreed upon. Any remaining debt is written off once the final payment is completed, and their creditors will no longer be able to pursue them for the money owed.
Please contact us.If you have any questions about whether an IVA is the appropriate debt solution for you, please contact us for a free consultation. Our knowledgeable consultants can assess your alternatives and help you decide whether an IVA is right for you.
Just call for free debt help 03338803165