IVA Terms and Conditions
Before entering into an IVA (Individual Voluntary Agreement) or any other legally binding contract, it is of course very important that you full understand and agree to accept the Terms and Conditions of the agreement and that you are fully committed to seeing the agreement through to a successful completion.
So that we can determine the best debt solution option(s) for your specific circumstances, please complete the short form. An expert advisor will then be able to assess you case and recommend whether an IVA, Debt Management Plan or other solution would be best for you.
In the event that you qualify for, and wish to proceed with an IVA, the full Terms & Conditions would be confirmed and explained to you by the appointed Insolvency Practitioner, so that you would have time to understand and consider before before going ahead.
Key factors to consider for IVAs
– Debt write-off applies only where an IVA is suitable, adhered to, and at the end of the arrangement. This relates to unsecured debts that were included in an IVA and does not include any secured debts, mortgages or hire purchase items.
– Alternative solutions may be offered if an IVA is not appropriate for your circumstances.
– Once you have agreed to enter into an IVA, failure to adhere to the agreement can result in bankruptcy.
– An IVA should only be considered in extreme circumstances.
– An IVA is a formal, legal agreement supervised by an Insolvency Practitioner and will have a significant effect on your credit rating for up to 72 months after initial default.
– Your credit rating will not improve immediately after an outstanding debt is repaid. Information is generally retained on a consumer’s credit report for six years.
– Fees. The Insolvency Practioner will charge fees, but these will be paid out of your agreed monthly contributions (based on your income and expenditure) in your IVA and you will be notified of this in advance.
– Homeowners may be required to re-mortgage/introduce funds, during the term of the arrangement.
For further information, please speak to one of our advisors now.