Items tagged with: individual voluntary arrangement
What do I do if I can’t keep up with my IVA?
6 January 2009
For people with significant debts (usually £15,000 or higher), an IVA (Individual Voluntary Arrangement) can be a very useful way out of debt that avoids some of the downsides of bankruptcy.
An IVA is a legally-binding agreement between you and your creditors. It involves making regularly monthly payments, based on how much you can afford, usually for a period of five years. Once the five years have passed, your remaining debt will be considered settled.
... read more »Which is right for me: IVA or DRO?
21 September 2009
When it comes to dealing with unmanageable unsecured debts, there are a number of solutions that can help people clear their debt and get back in control of their finances. Two of the options are an IVA (Individual Voluntary Arrangement) and a DRO (Debt Relief Order). IVAs and DROs can both help people clear their unmanageable debts, but each is suitable for people in different circumstances.... read more »
Debt Consolidation Loan or IVA: which is best for me?
15 July 2008
If you’re having problems with debt and you are looking for a way out, the range of options on offer can be overwhelming. Each different debt solution is suited to a different situation, and it’s important to understand which is best for you.
Here we look at two debt solutions that could help you get back in the clear: debt consolidation loans and IVAs (Individual Voluntary Arrangements).
... read more »Insolvencies `to rise significantly in 2009`
15 January 2009
The number of people entering into insolvency is set to rise this year, a firm has predicted.... read more »
Quick guide to IVAs (Individual Voluntary Arrangements)
15 July 2008
An IVA (Individual Voluntary Arrangement) is a legally-binding agreement that helps you write off unsecured debts that you cannot afford to repay. It involves paying back a fixed amount each month, usually for 5 years, based on the maximum affordable amount, after your costs of living have been taken into account.
If you enter into an IVA, your creditors will not receive everything that you owe them, which in some cases can put them off. But many creditors will accept that an IVA is their best chance of receiving at least some of what they are owed. But they will have to be convinced that they will get more from an IVA than if they petitioned for your bankruptcy.