A guide to Individual Voluntary Arrangement

Unlike debt management plans this course of action is legally binding and is a tool to be considered for tenants either employed or self employed who are in serious financial difficulty.

What is an Individual Voluntary Arrangement or (IVA)?

This is a service offered by regulated companies who will consider your case along with other possible alternatives. In effect an IVA arrangement is an agreement between you the tenant and your creditors that allows the amount you owe to creditors to be reduced to what you can afford. All interest charges are halted and the amount to be paid back is based upon your disposable income and often lasts around 5 years. There are various formal procedures to follow including
involving the Courts. An IVA can only be set up by a regulated and licensed official.

There are many schemes and options available including IVA for those tenants who are unable to pay their creditors. Consider seeking independent financial advice from organisations such as the National Debt Line or the Citizens Advice Bureau. All tenant's circumstances are unique and only impartial advisors are able to comment and narrow down the advantages and disadvantages of each such scheme, provided they are presented with all of the information required.

Please Note! YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT. ALL SECURED OR UNSECURED LOANS ARE SUBJECT TO STATUS. SECURED LOANS ARE SECURED ON PROPERTY.

© uk-property-business-plan.co.uk Resources Resources2