IVA

IVA which is an Individual Voluntary Arrangement is a government scheme to help you if you have debt problems. An IVA is a formal legal repayment agreement between you and your creditors for residents of England & Wales.

An IVA allows you to make reduced monthly payments to your unsecured creditors in order to pay off a percentage of what you owe. This arrangement is usually over 5 years and in many cases you can write off up to 75% of your debt.

During the IVA, the creditors are legally bound to freeze the interest on any outstanding debts and to cease adding late payment charges to the debtors account.

The creditors are forbidden from contacting the debtor with regard to the outstanding debts, whether by telephone, post, or email, as any correspondence must be passed through the appointed Insolvency Practitioner.

The size of the monthly repayments to the IVA are based on what the debtor can realistically afford throughout the term of the IVA. Any outstanding debt is legally written off. Get professional debt advice today.

An Individual Voluntary Arrangement is strictly confidential and will not be published in the local paper.

Trust Deed

Scottish Trust Deed is a goverment scheme for scottish residents to clear debt problems. It is a formal legal repayment agreement between you and your creditors i.e. people you owe money to where you agree to repay a percentage of your total debts based on what you can realistically afford over a period of 36 months.

The remainder of this debt will then be written off and you will be free from debt. It is similar to an IVA which provides for residents of England and Wales.

A Trust Deed provides you with an insolvency practitioner who will negotiate with your creditors on your behalf. This person will be known as the "Trustee". They will arrange a monthly payment scheme based on what you can afford.

This arrangement is over 3 years and in many cases you can write off up to 85% of your debt. Monthly payments are based on affordable disposable income, any outstanding debt is legally written off.

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