If you need IVA debt advice then go online with a specialist debt website
If you want IVA (individual voluntary arrangement) debt advice then the easiest and quickest way to get it is to go online with a specialist website. There is plenty of free information available and if you are considering taking an IVA agreement as a way of getting out of debt, then it is best to be knowledgeable about it first, so do your homework on it.
While it will cost a fee if you decide to take out an individual voluntary agreement, IVA debt advice and the information needed to determine if this is the right way to go for your needs can be found free of charge. IVA stands for individual voluntary agreement and this means that it is a legal binding document which has to be taken seriously and must be stuck with until the agreement comes to an end.
The IVA is made between you and your creditors as to how much you can realistically afford to repay them every month over a pre-defined period of time.
The whole process will be monitored and watched over by an insolvency practitioner who will work with you to come to a single repayment proposal which they will then offer to your creditors on your behalf. The creditors then have to vote on whether to accept this or not. Although there will be a vote only 75% of your creditors have to agree to the proposal for it to be accepted and go ahead.
Usually you will pay as much as you can afford each month for a period of 5 years and after this, if there is any debt left outstanding, it will be written off.
It is important that you do understand an IVA agreement properly before taking it on and IVA debt advice is essential before signing up for one. You also have to understand that an IVA can usually only be taken for what are considered to be non-essential debts such as credit cards, store cards or loans. Any other outstanding debts will have to be taken care of separately so it is essential that you ensure you are able to afford the agreement.
"Initially I applied for a loan to consolidate my debts. However, after speaking to one of your advisors, it became clear that a far better solution would be to go on one of your financial management plans...
Everything was made so simple and the continual support and advice you have provided from my initial enquiry and whilst on my financial management plan has resulted in my debts nearly being clear now! I can't thank you enough for your help."
Janet N, Birmingham
