Debt Correct

Individual Voluntary Arrangement Explained

An Individual Voluntary Arrangement is a formal repayment agreement between a debtor (person owing money) and their creditors (the people who are owed money).

An IVA is a legally binding agreement, and allows a debtor to make reduced monthly payments to their unsecured creditors in order to pay off a percentage of what they owe for the duration of the Individual Voluntary Arrangement (IVA), which is normally 5 years.

During the IVA, the creditors are legally bound to freeze the interest on any outstanding debts and to cease adding late payment charges to the debtor's account(s).

Also the creditors are forbidden from contacting the debtor with regard to the outstanding debts, whether by mail, telephone, fax or email. Any correspondence must be passed through the appointed Insolvency Practitioner's office under the terms of the Individual Voluntary Arrangement (IVA).

• The unpaid balance of your debts is written off - as much as 75%

• Only pay what you can afford

• One single affordable monthly payment

• Freeze interest and late payment charges

• Protects you from further action by your creditors

• Real alternative to declaring yourself bankrupt

• Avoid public notices affecting your reputation

At DebtCorrect we have trained advisors who will discuss with you an IVA option and are ready for your call on 0800 157 7314. There is no charge to you for this service and all information you provide will be kept confidential.

If you would like to discuss the IVA option with a trained advisor, then phone 0800 157 7314 for a confidential discussion.

Contact us for more information