IVA Debt Write Offs

If you are worried about ever increasing debt and are finding it difficult to repay, there is a better option than doing nothing until the bailiffs arrive. An Individual Voluntary Arrangement (IVA) is a genuine alternative to bankruptcy and, providing some basic criteria are met, is available to everybody.

IVA debt write offs are a safe option for those facing financial problems. Backed by legislation, IVAs can only be offered by Licensed Insolvency Practitioners (IP), who are professionals in insolvency matters. An IVA is a legally binding agreement between an individual and their creditors in which interest and charges are frozen and a portion of the debt is repaid within a fixed period, usually five years. Any remaining debt is written off after the IVA is complete.

Another benefit of an IVA is that, once the IVA has been approved, creditors are not permitted to contact you to chase repayment of the debt. Experts providing IVA services will assess an individual’s situation and suggest a suitable solution which usually involves a lower, more affordable monthly payment.
 
IVA Experts will work on behalf of the individual and try to reach an amicable agreement with the respective creditors for them to accept a reduced repayment of the debt due. These experts will additionally help an individual complete all of the paperwork involved and handle the ongoing administration of the IVA.

People who have problems making debt repayments and fear bankruptcy should consider an IVA debt write offs as an option available to them.