Individual Voluntary Arrangement
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If you feel Bankruptcy is the only way out of debt, think again as Bespoke Debt Solutions can help….
If you have debts over £15 000.00 and you or your partner have a regular monthly income, call us today to see if you qualify…
What is an IVA?
An Individual Voluntary Arrangement (known as an IVA) is a legally binding agreement between you and your creditors. Government legislation under the insolvency Act 1986 where you pay an agreed amount that you are able to demonstrate you can flexibly afford for a fixed amount of time, normally 60 months. Any amount outstanding at the end of this time is written off, leaving you debt free.
Under the Insolvency Act 1986, only a licensed insolvency practitioner can legally administer an IVA, any contact with your creditors will be made through the insolvency practitioner thus making your life easier and removing the “stress” associated with dealing with debt.
How will an IVA Benifit You:
- STOP any commencement of further enforcement of legal action including bankruptcy proceedings.
- STOP demands for any payments and the issue of default notices.
- STOP debt collectors or bailiffs calling at your home address.
- STOP all interest charges and late and no payment fees.
- STOP all creditor letters and telephone calls.
- Debt Free in 3 - 60 months
How IVAs are funded?
Unlike
most Insolvency Practitioners or Financial Management Companies
we do not charge any upfront fees.
The monthly payments that you make into your arrangement will
cover the payments to your creditors as well as our fees for putting
together and supervising the arrangement.
In short, the creditors agree that they will accept a lower return
from the arrangement. In addition you only start paying once your
arrangement is agreed so if we are unsuccessful, you will not
have to pay for the work that we have done for you up to this
point.