Individual Voluntary Arrangements

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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.

Starting an IVA is Quite Easy

Are you still buried in deep debt? Does it seem like you’re nearing bankruptcy because you can’t keep up with your monthly repayments? If you haven’t heard about individual voluntary arrangements (IVAs), then it’s time for you to get to know this type of debt solution.

Eligibility

Anyone can consider this method as an option to solve their problems with debt – whether you’re a blue collar professional or member of the police force. Your eligibility does not depend on your profession or job.

Actually, your qualification depends on the personal circumstances you currently have. These are the following:

1. You have more than £15,000 in debt divided into three or more varied creditors.
2. You must be able to offer a reasonable amount of payment each month to your creditors. This would vary depending on your debt. However, you should afford at least £200 per month to be eligible.

Inclusion

Only unsecured debts are involved in individual voluntary arrangements. These include but not limited to the following:

1. Overdrafts
2. Student loans
3. Personal loans
4. Credit cards
5. Catalogues
6. Store cards
7. Business loans you’re personally liable to
8. Outstanding balances after vehicle or home repossession

Take note that VAT (Value-added Tax) and personal debts made to Inland Revenue can also be included. However, they may be preferentially treated within the proposal.

Also be aware that you cannot propose this type of debt settlement by yourself. Your creditors will naturally seek for an Insolvency Practitioner. This is actually mandated by law. Don’t worry because there are hundreds of reputable Insolvency Practitioners right now in the UK. You just have to choose very carefully and even seek a second opinion if possible.

Payment

Do not expect that Insolvency Practitioners will work for free. However, it does not also mean that they are going to send you a bill if you want to avail of IVAs.

Insolvency Practitioners usually get their fees from the monthly amortization that you will pay to your creditors. Therefore, you really don’t need to pay more than your agreed monthly amount.

Bear in mind that various Insolvency Practitioners implement different ways of taking their fees, so you have to make sure that you ask about this process early on. Shop around for the best deal. Some of them may also offer free home consultations.

If you can, take advantage of individual voluntary arrangements . It’s so easy to set up if you’re qualified, and compared to bankruptcy, it has better benefits and less negative impact on your financial history. GP

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