Our calculator will help you to decide whether an IVA is right for you.
Debts and bankruptcy are the major problems that can affect your financial situation. You may fall into debt or face bankruptcy if you don’t have a proper financial management plan. An alternative way of saving yourself from filing a bankruptcy is by getting an IVA. An IVA could help you when you are surrounded with debt problems by planning a systematic procedure. IVA stands for Individual Voluntary Arrangement and it is a legally binding arrangement made between a borrower and their creditors. An Individual Voluntary Arrangement is a short term solution in which a borrower can downsize the trouble of debts to a great extent. By getting an IVA the creditors will no longer charge you high interest rates and your valuable assets will also be free from any risk. With IVA, you can also negotiate with your creditors and after making a deal you can make your repayment at small monthly payment for fixed period of about 5 years. However, at first you should know where to get an IVA, so that you get the best deal to successfully manage your debts problems.
An IVA is not like an object that you can get by making a purchase. You will have to set up an IVA with the help of a professional insolvency practitioner. When you seek the help of the insolvency practitioner, he should be either an accountant who have in depth knowledge of handling bankruptcy or a solicitor who have the authorisation of setting up an IVA. After hiring an insolvency practitioner, the next step for you will be to apply for the Interim Order at your county court. This Interim Order will stop the creditors from initiating their bankruptcy process against you. Moreover, the Interim Order will stop all those enforcement actions of the creditors if they do no have the court order.
Even if you are already bankrupt you can still apply for an Individual Voluntary Arrangement. All you have to do is gather all the information of how and where to get an IVA before you start proceeding. After you hire an Insolvency practitioner, he will send an IVA proposal and do all the possible procedures to arrange a Creditors Meeting. The IP will also send a notice 14 days before the meeting stating all the deals to be made in the Creditors Meeting. You should make sure that your IP has contacted every creditor because they have the right to pursue your debt if you don’t offer them the notice of IVA.