Our calculator will help you to decide whether an IVA is right for you.
If you are not in a state to handle the large amounts on the debt repayment for any longer period of time and facing the problem of bankruptcy, an Individual Voluntary Arrangement or IVA can prove to be a great strategy of repaying the pending debts. IVA includes a legal contract between you, the creditors and the Insolvency Practitioner. This also helps in repaying a percentage of the overall repayment money. This repayment time frame can be spread over 5 years or so. The payments will automatically be received by the Insolvency Practitioner and the person will then redistribute the payment amount among the creditors.
The IVA help can prove to be of great use as you can look forward to write off about 25 percent to about 70 percent of the unsecured personal payments. The debt amount that one can write off with this IVA help will actually depend on the amount that one can afford to give. Once the IVA gets arranged with the respective creditors, the IVA taker will be asked to pay some fixed amount of money per month generally for a time period of about 5 years and then the person will be all free from the tensions of debt.
An Individual Voluntary Arrangement can serve as the most lucrative and useful way in order to get out of the debt pool and that too without losing one’s home or even resorting to the situation of bankruptcy. By filing up for bankruptcy, one can
When you file for a bankruptcy, the very first asset or possession that is on the high for sale by the Trustee in Bankruptcy is the home. There can be times when the Trustee in Bankruptcy can even seek a sale of home against the will of the home owner. But with the help of IVA, one can assure of having a safe home.
With IVA help, one can face some situations like:
In order to know if an IVA is useful for one’s needs, it can be sorted out by sitting and discussing the particular debt situations. Typically, one would require debts that are in excess of about £18,000 along with a monthly payment ability of at least £200.