Money Advice Tips

All You Need to Know About IVA

August 30, 2017


In these uncertain times – and let’s face it, job certainty is not what it once was – it’s all too easy to find that you are left lumbered with increasing levels of debt, and cannot afford the repayments. We all use loans and other forms of credit as an easy way to finance purchases that may be necessary, and with busy working lives and the bills coming in all the time, it can be easy to lose control. What do you do if you find you have a large number of unsecured debts, and are getting anxious as the demands and reminders come in on a daily basis?

The answer could lie in an Individual Voluntary Agreement – or IVA – which is a method of reducing and eliminating debt that many people in problematic situations choose to turn to. An IVA is an official agreement in which you arrange to pay one monthly payment to cover the outstanding debts, all arranged by a licensed Insolvency Practitioner (IP), and all above board and legal. It is important to remember, at this stage, that only a licensed IP can arrange an IVA legally, so make sure you are dealing with a respected outfit before you take any further steps.

Basics of an IVA

It remains a fact that you only have so much income, and also necessary monthly outgoings, so there is only so much you can afford to pay off every month. When you agree an IVA, you will agree to a monthly figure that you and the IP have calculated you can afford to pay. This is usually spread out over monthly payments across five years. The money is managed by the IP, and distributed to those companies you owe money to.

The added benefits of an IVA are that all fees and interest is frozen during the duration, and at the end of the agreed payment period, if there are any outstanding balances remaining, these will be written off. This is the best way of making sure you satisfy your creditors, as they will get a bigger slice of the money owed than in other alternatives, such as declaring bankruptcy.

Who to Contact

If you think you could benefit from an IVA – and as it is a legally binding agreement, once you have entered into it your creditors cannot take any further action, and cannot contact you directly so you do away with those threatening and worrying demands – you can find all the information you need at Creditfix IVA, a leading name in the IP world, and they will happily talk to you and answer any questions you may have.

An IVA has been a satisfactory solution for many families and individuals, and is one that takes away a lot of the stress and strain of being in debt, so why not contact them now, fill in the simple online form, and they will get back to you and help get the wheels in motion.