IVA Individual Voluntary Arrangement service through Wise Money
Our Individual Voluntary Arrangement (IVA) Service offers you
access to Schemes for clients who have debt problems but still
have income and wish to avoid bankruptcy.
Below is some further information regarding IVA’s that you may
find suitable for you. We have a number of companies
on our panel that will deal directly with you to assist them
with your debt problems.
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| Positives |
Negatives |
| Debt free in 5 years |
Possible release of home equity |
| Creditor calls and payment demands stopped |
Lasts longer than a bankruptcy |
| One single monthly payment |
All creditors have to be included |
| Repaired credit rating |
There is a minimum level of debt |
| Legally binding |
You cannot borrow during arrangement |
| Your job status is unaffected |
Lasts for 5 years |
| Interest and charges frozen |
You will have to pay back more than bankruptcy |
| Protection from court action |
Your credit rating is damaged |
| Companies look at you more ethically than they would for bankruptcy |
You must be able to service payment plan |
What is an Insolvency Practitioner?
A voluntary arrangement is literally as it states – An Insolvency
Practitioner (IP) organises an arrangement by a person with their creditors
for the discharge of their debt. The schemes require the approval of
the court and are monitored.
How long is an agreement for?
The agreement with the creditors allows for a reduced payment each month
to be made towards the total amount of debt you owe your creditors.
After a period of time usually 5 years the debt is then classed as settled.
How much can the process write off?
An agreement can write off up to 65% of your clients debts (subject to your
circumstances). Once you have made your final payment all the outstanding
debt is legally written off.
What is the eligibility for an agreement?
This depends on your circumstances. Usually the personnel
debt must exceed £15,000 and should be with at least 3 creditors.
You must have the income to be able to offer a reasonable amount of
payment to your creditors.
Can anyone do an agreement ?
Yes, absolutely anyone in the UK can apply.
What kind of debts can I put on my agrrement?
Store cards, catalogues, credit cards, personal loans, overdrafts. All
unsecured debts can be considered including guarantees on
business overdrafts and personal debts to the VAT and Inland Revenue
however these debts may be treated preferentially within the application.
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The overall
cost for comparison is 8.6% APR.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR
HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
UK customers- WiseMoney.com Ltd is an information only website who
will pass you to an appropriately FSA regulated and authorised organisation
who you give permission to contact you. We may receive a financial
payment if you successfully complete a product for which we introduced
you. We wish you all of the best in your financial endeavours.
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