IVA Debt

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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.

No Debt, No Worry

When debt is all around you, it is natural to worry. But there is a way for you to find hope and forget about your debt problems. IVA debt solution can serve you best.

Unlike other debt management solutions, IVA is considered a legal and confidential agreement between you and your creditors. In fact, you don’t need to sell your home or any other major asset just to pay for everything you owe.

In a way, you will have control over the negotiation for the amount of your monthly repayment – you can pay only the amount that you can afford. As such, you will be confident that your distressing debt will disappear, and you would be calm and expectant.

Advantages

IVA debt is different from bankruptcy. In fact, it is specifically designed to avoid the many issues surrounding bankruptcy.

Here are some of its advantages:

1. There is no publicity or stigma that accompanies it (unlike bankruptcy).
2. The creditors must accept a much lower payment (less than the existing balance owed).
3. You will not suffer from the same bankruptcy restrictions.
4. Your business can still continue to trade.
5. You (through your Insolvency Practitioner) will be involved in choosing the assets that will be made available to the creditors.
6. Costs are lower than bankruptcy, which will enable you to make higher payments to your debt.
7. You can still maintain a current account – just don’t have an overdraft.
8. If there are creditors who voted against your IVA, they will still be bound to it when there is already a 75% debt value agreement by other parties.

Disadvantages

Whilst there are also disadvantages:

1. Your IVA will only be accepted if 75% of your debt value has been agreed upon by your creditors.
2. You will be qualified only if you have more than £15,000 of unsecured debt.
3. Your assets and home could be at risk if your creditors decided to include them.
4. An IVA will usually last for about five years, and your payments will be typically higher.
5. You will be closely supervised by an insolvency practitioner.
6.If the IVA will fail, your bankruptcy will push through. In such a case, the IVA cost will add to your debt.
7. Your credit rating is affected as well.

You may notice that the advantages far outweigh the disadvantages in IVA debt . Even if you failed to have an agreement with your creditors for example, you can still take a positive stance if you try again. GP

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