Sterling Green - Helping you get back in control of your finances
What is an IVA?
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 (£15000.00 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 on both parties.They are a private agreement between the client and the creditors, they are not advertised and therefore 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 approved by us to arrange your IVA plan.