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Mr Smith has 6 unsecured creditors with a total debt of £38,786, his current contractual monthly payment amounts to £1,163.58. After taking his income minus his essential expenditure into account, Mr Smith has £434 to service these debts. A Debt Management Plan was negotiated for Mr Smith who will pay £434 per month. This single monthly payment will be distributed to creditors on a pro-rata basis. This reduces Mr Smith’s outgoings to his creditors by £729 per month.
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An Individual Voluntary Arrangement, or IVA, is a method created to help people with
serious debt problems.
It is a very popular way for any individual that wishes to
repay their debt at an affordable monthly amount, but with a guarantee that the debt
will be repaid in under 60 months. An IVA may help you write off up to 75% of your
debts!
An IVA can reduce debt by up to 75%.
You make one affordable monthly payment after
taking into account your personal circumstances and living costs.
An IVA allows you to be debt free in 5 years.
In 60 months you will be debt free,
as the rest of the debt is written off. Approval of the IVA is dependant on 75% (by
value of the debt) of your creditors accepting the proposal.
An IVA freezes interests on your debts.
You will stop paying interest on your debts
at the point in time of your IVA proposal being approved.
An IVA allows you to keep your house.
Yes, you can keep your home, however, if you
have equity in your home, you may be required to remortgage your home later within
the term of the IVA to repay some of the equity to your creditors.
An IVA Stops harassment.
As an IVA is legally endorsed by the courts, creditors and
debt collectors can't pursue repayment once an IVA is in place.
An IVA allows you to keep a bank account.
You are allowed to keep a regular bank
account with no overdraft facility.
An IVA allows a limited degree of flexibility.
If you personal circumstances change,
i.e. you have a short term drop in income, or your mortgage payments increase, your
monthly payment to the IVA can be reduced, subject to the approval of your creditors.
An IVA avoids bankruptcy
An IVA means you have already reached an agreement with
your creditors whereby they cannot bankrupt you if you maintain the agreed IVA payments.
If you do not make the relevant payments and abide by the terms and conditions of
the IVA, the IVA may fail. The usual consequence of it failing would normally lead
to bankruptcy.
An IVA may write of up to 75% of your Debt
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What is an IVA
An IVA can be a good way of sorting out your finances and getting back on track and as an alternative to bankruptcy.
Apart from the financial aspect of the IVA, there are certain disadvantages and implications that need to be taken into account and discussed with you.
We can provide you with good, sound advice and arrange the best debt solution plan for you.
