Individual Voluntary Arrangement
The benefits to you once the IVA is agreed are:
- To be debt free in 5 years. As IVA’s are set for a fixed period this is usually no longer than 5 years.
- Reduced total amount of debt. Your creditors agree to a specific monthly payment for the period of your Arrangement. If you stick to your side of the agreement, your creditors cannot ever ask you for any more money.
- Interest and Late Payment Charges Frozen. By law your creditors cannot add further charges or interest to any of your accounts covered by the agreement.
- Protection of the Court. As your unsecured creditors are not allowed to take any further legal action against you as long as you stick to the terms of the agreement.
- Legally Binding Agreement. This applies to all the creditors covered by the agreement. You will know exactly where you stand and how long it will be before you are debt free.
- Telephone Calls and Payment Demands Stop. Once the agreement is in place creditors are not allowed to call or write to you demanding payment on outstanding amounts.
- Repaired Credit Rating. Once you have successfully completed the IVA you will be allowed to borrow money and your credit rating will start to improve.
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