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Individual Voluntary Arrangements (IVA)
When a Debt Management Plan is not suitable, there are alternatives.
An IVA (Individual Voluntary Arrangement) can be a realistic alternative to bankruptcy and allows you to become debt free relatively quickly (only five years in most cases).
An Individual Voluntary Arrangement or IVA is a legally binding agreement between someone who is in debt and the creditors who are owed the money.
Regulated by the Insolvency Act (1986) you will need the services or a licensed Insolvency Practitioner or IP for an IVA. Money Solutions will refer you to an ethical provider of IVA services who can offer a fully licensed service for IVA.
During the initial stages your Insolvency Practitioner will draw up legal proposals for you to make on offer in full and final settlement of your debts this could be in the form a lump sum or regular monthly payments over a period of (usually) five years.
The arrangement need to be workable for the benefit of all those concerned.