An affordable solution for people with serious debt problems.
An Individual Voluntary Arrangement (IVA) is a legally binding agreement under the Insolvency Act made between an individual who is unable to pay their creditors and their creditors. An Insolvency Practitioner will put together a formal proposal to your client’s creditors and administer the IVA.
If an IVA is approved then your client will pay one monthly payment over a fixed period (normally five years). Usually, a proportion of any equity in your client’s property will need to be made available to creditors and other significant assets may also be required to be sold. As long as your client keeps to the arrangement then they will be protected from any further action by their creditors. IVAs are available to all residents of England, Wales and Northern Ireland.
The benefits of an IVA are:
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All pressure from creditors is removed.
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Interest is frozen.
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We will deal with all correspondence and queries from creditors.
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Your client will pay one affordable monthly repayment.
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At the end of an IVA your client will be completely debt-free.
An informal debt solution generally offered to people will unsecured debts of at least £5,000.
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A one off lump sum payment to creditors which if accepted, could clear 40% of the unsecured debt.
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An affordable solution for people in Scotland with serious debt problems.
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A last resort available to people with serious debts based in England, Wales or Northern Ireland.
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Newtomorrow broker services has a team of experienced debt advisors who are ready to help you and your client in resolving their debt problems.
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All other alternatives will be explored before Sequestration is advised. Sequestration is available to people who live in Scotland.
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