IVA UK

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A Real Life example of how our services changed
one customer's life for the better...

Mr A. of Guildford contacted us in October 2006. He was at his wit's end. Having purchased his home earlier that year, he had no equity to borrow against, and the mounting costs of his new home and supporting his wife and two young children had quickly put him £50,000 into debt.

His monthly minimum payments were over £900, and even at this level he was only repaying the interest each month - the original debt was not even reducing. After his mortgage and these payments, there was barely enough left for his family to live on.

Gradually things got worse. Mr. A. started to miss payments on his credit cards and mortgage - his wife was concerned that they were going to have their beautiful new home repossessed by the building society. She saw one of our adverts and begged him to take action before it was too late.

Our professional qualified advisors arranged an Individual Voluntary Arrangement (IVA) for Mr.A which meant that his debts could be repaid at £325.83 per month, payable over 5 years. Now he will repay a total of £19,549.80, instead of the £50,000 plus interest that he owed. Over the 5 years, that's a saving of over £84,000! Yes, just by talking to us, Mr. A saved over eighty four thousand pounds.

Mr. A and his family are now more relaxed and confident that they have enough money to pay their mortgage and enjoy the good things in life. And best of all, in 5 years, they will be 100% debt free.

IVA vs. Bankruptcy in the UK

In the Insolvency Act of 1986, IVA UK was introduced. IVA is short for Individual Voluntary Arrangement. It is a court ratified, formal process that allows you to create a payment proposal to your creditors in an attempt to settle all your existing debts.

Although there may be several solutions to your unsecured debt problems, you might come to a point when you need to decide whether to take an IVA or declare bankruptcy. It’s a tough choice, but you’ve got to do it.

Different Timescales

Normally, an IVA lasts for 60 months whilst it’s possible for bankruptcy to be finished in 12 months. However, the bankruptcy restriction order in the UK states that a portion of your disposable income needs to be given to the Official Receiver. So this would mean that your payments from your income have the possibility to last for 36 years even in bankruptcy.

Position of authority

Bankruptcy will often lead you to lose your high position in your professional career, whether public or private. It may even deprive you of a possible company directorship. On the other hand, IVA UK will not affect your position in any company.

Assets Lost/Kept

If you owned a property on your way to bankruptcy, then the Official Receiver owns an interest on that particular property. So if that property still has equity, he might be able to sell it within 3 years and the proceeds (after deducting the costs) will be given to the creditors.

On the other hand, IVA requires that an interest to that property should be made available to the creditors. And it’s very unlikely that it would lead to the asset’s disposal.

Publicity

Bankruptcy is a public matter – there will be notices posted in local newspapers as well as London Gazette to inform people of your current status. However, an IVA does not need to be advertised in any media-related material. This is why this method is considered very discreet in dealing with your unsecured debt issues.

Credit Availability

Bankruptcy and IVA are both limiting the opportunity for you to get more debt either on short or medium terms. But if you decide to go bankrupt, you have to inform your potential lenders of your status when you’re applying for £500 of credit and above. Whilst in IVA, there is no such obligation.

Creditors

Normally, IVA UK will provide a better deal for you than bankruptcy. Although both solutions will allow you to make a fresh start in your finances, most creditors will still prefer IVA over bankruptcy. GP

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