What is an IVA?
An IVA is a legal agreement that allows you to repay only what you can reasonably afford to your creditors over a pre-determined period of time – typically around five years. These payments are made in monthly sums and are split between your creditors after paying the costs of the IVA.
As a formal insolvency solution and alternative to bankruptcy, every IVA is established and overseen by a Licensed Insolvency Practitioner – who acts as the mediator between you and your creditors.
How does an IVA help you towards financial recovery?
Once an IVA is agreed, creditors are forbidden from contacting you directly to attempt to obtain funds. Whilst they usually receive a larger payment than they would with a bankruptcy, you benefit from frozen interest/fees and manageable payment structures. What’s more, with an IVA, you only pay what you can afford, even if this means you don’t pay your debts in full.
Breathe easier with an IVA thorough Bennett Jones today
Our team at Bennett Jones has many years of experience in dealing with creditors and administering IVAs. We are here to provide support and guidance for you at a time when you need it most.
If you believe an IVA may be the best solution or you’d like to learn more about what the process entails, simply give us a call on our Freephone number 0800 7710 073. Our experts can provide you with confidential advice completely free of charge.
If you’re too busy to talk on the phone, leave us a message via our contact form and we’ll get back to you as soon as possible.