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DEBT PROBLEMS?
DO YOU NEED FRIENDLY ADVICE, HELP AND A SOLUTION?
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Firstly,
keep in mind that your creditors would also like to find a solution
and resolve your debt problems. It costs them time and money chasing
you for payment.
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They
also know that the longer it continues the more in debt you become.
Eventually their only option could be to bankrupt you, even though
they know that doing so would not be very beneficial to them.
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So
it makes sense for them to find a more constructive way of solving
your debt problems and that solution could be to reach a formal
agreement with you.
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This
is called an Individual Voluntary Arrangement (IVA)
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Individual Voluntary Arrangement (IVA) is a legally binding arrangement
introduced by The Insolvency Act of Parliament in 1986 as
an alternative to bankruptcy. Under this agreement your creditors
receive a percentage of your debt as settlement of the amount owed.
To find out more about the procedure click HERE |
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In
most cases, your total debt repayable will be greatly reduced with
the balance being written off by your creditors.
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Your
repayments will be for a finite period of time (normally five years).
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You
will know in advance of formalizing the arrangement exactly how much
you will pay each month.
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All
interest charges are cancelled, so the spiral of debt is immediately
halted.
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All
legal action is frozen and all demands, letters and telephone calls
from your creditors will cease.
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Repayments
are simplified by a single monthly payment (by direct debit) regardless
of how many creditors you have.
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WE
CAN HELP YOU ORGANISE AN
INDIVIDUAL VOLUNTARY ARRANGEMENT
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