Insolvency Practitioner
An Individual Voluntary Arrangement (IVA) is a legally binding agreement between you and your creditors. Your IVA will be supervised by a licensed Insolvency Practitioner who is appointed by the courts.
For clients who have a significantly higher level of debt (£15000 or above) an IVA may be a more suitable alternative than long term Debt Management.
IVA’s were introduced by the Government in 1986 and are legally binding.
They are a PRIVATE agreement between the client and the creditors, they do not appear in the local paper and IVA’s are not advised to the clients’ employers. (Unlike Bankruptcy)
It is a solution which allows the client to amalgamate their monthly payments to their creditors into one affordable amount – usually over a period of 5 years (60 months)
In the majority of cases the client will not be paying back all the money they owe – at the end of 5 years any outstanding debt owed will be written off.
Sterling Green offers free, impartial advice and will put you in touch with a licensed professional to arrange your IVA plan.