Our calculator will help you to decide whether an IVA is right for you.
Planning your finances properly is the key to keeping your financial matters running smoothly. Likewise, it is crucial to manage your debts effectively in order to make repayments on time and prevent negative entries on your credit file. If you find yourself in a position where you are struggling to make repayments, you should seek the help of financial planning advisors.
Financial planning advisors will work with you to help you manage your income and expenditure more effectively, helping you to use your available money in the best possible way. They can offer you advice in all money matters including budgeting, investment, retirement planning, mortgages and loans and will help you to avoid the possibility of bankruptcy.
If you have many debts, financial planning advisors will provide you with solutions that will enable you to get your debts back under control. One such plan is the Individual Voluntary Arrangement, or IVA. An IVA is an effective tool that will consolidate your repayments into a single monthly sum that is paid over a period of five years. Any debt remaining after the period of the IVA is written off.
An IVA is a legally binding agreement between you and your creditors and must be arranged by a licensed insolvency practitioner. The insolvency practitioner will assist you in creating a proposal and present this to the creditors at a creditors’ meeting. As long as your proposal is approved by the creditors, your IVA will be accepted and you will be just a few years away from total debt freedom. Providing that you meet the terms of the IVA and make payments on time, you will be protected from bankruptcy and your creditors will not be allowed to chase you for repayments outside the IVA.
Financial Planning Advisors can thus help you to manage your debts and make wise financial decisions.