Your IVA will be
administered by a fully qualified, licensed insolvency
practitioner, who takes responsibility for liaising
with your creditors and distributing funds on your
behalf.
You
will not automatically lose your house or other assets
as these can be kept out of the IVA with the agreement
of the Insolvency Practitioner and your creditors.
You
make one monthly affordable payment for a period of 5
years. At the end of the period any outstanding debt
is written off which means up to 75% of your debt
could be written off.
You
get protection from further action by your creditors
and your creditors are legally bound by the terms of
the agreement.
While
an IVA is in place, it is illegal for your creditors
to harass you and they normally agree not to contact
you during this time. Threatening letters and phone calls
from creditors will
stop.
You
will not have the same restrictions on you as you
would if you went bankrupt. For instance, you will
still be able to use your bank account.
All interest and charges on your debt are
frozen which means that your debt won't keep growing.
An IVA doesn't affect your professional
status or ability to hold public office.
An IVA avoids the
stigma associated with bankruptcy and unlike
bankruptcy, your situation will not be announced in
local newspapers.
Simply
complete the enquiry form to see if you qualify and to get FREE no obligation advice from an IVA
expert.
