Bankruptcy information, debt advice about Individual Voluntary Arrangements. Bankruptcy information and how an IVA may solve your debt problems

Bankruptcy may not be the best solution to your growing debt problems. An Individual Voluntary Arrangement or IVA is a government approved, formal legally binding agreement negotiated on your behalf with your creditors.

An Individual Voluntary Arrangement could help reduce your debts, significantly help reduce your monthly repayments to one affordable sum, repayable over 5 years. Depending on your financial circumstances, it is an excellent real alternative to personal bankruptcy. After the five years, you could be considered to be debt free.

What is an Individual Voluntary Arrangement?

How an Individual Voluntary Arrangement could help you.

Bankruptcy information, debt advice about Individual Voluntary Arrangements. Bankruptcy information and how an IVA may solve your debt problems

Bankruptcy may not be the best solution to your growing debt problems. An Individual Voluntary Arrangement or IVA is a government approved, formal legally binding agreement negotiated on your behalf with your creditors.

An Individual Voluntary Arrangement could help reduce your debts, significantly help reduce your monthly repayments to one affordable sum, repayable over 5 years. Depending on your financial circumstances, it is an excellent real alternative to personal bankruptcy. After the five years, you could be considered to be debt free.

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To qualify for one of our Individual Voluntary Arrangement programmes

• You must owe more than £15,000
  
  
• You must have unsecured credit loans, car loans, credit cards, finance, store cards
  
  
• You must only be paying the minimum repayments
  
  
• Or just meeting interest charges
  
  
• You are seeking a solution to the burden of your debt problems
  
  
• You must have an earned income in excess of £1000 per month
  
  
• You must not have a debt management programme

If your debts are less than £15,000, depending on your circumstances, a Debt Management Plan.

However, you may owe more than you think once you have added up all your outstanding debts, penalty charges and early redemption penalties on any loans. Seek advice from our insolvency practioners.