“What exactly is an IVA?” “What can it do for me and my financial issues?” “How much time and money will this take?” These are the kinds of questions that hundreds of troubled debtors, including yourself, address and discuss.
“What is an IVA, and how can it help me?”
What you need to know right now is that IVA is a viable UK alternative to bankruptcy that could be the solution to all of your financial problems, no matter how severe you believe they are. It has given some people the glimmer of hope they needed to get back on track with their financial recovery. And, like you, each of these people who became utterly debt-free began by asking themselves, “what is an IVA?” and had no idea what Individual Voluntary Arrangements were.
“What exactly is an IVA, and what should I expect from it?”
Individual Voluntary Arrangements (IVAs) are a formal and legally binding financial option for reaching an agreement with all of your creditors for a debt reduction. If you are successful, you may be able to reduce your total debt by up to 75%, but you will be required to pay as much as your finances allow over 60 months, at the end of which you will be declared entirely debt-free. Mediation Billericay
However, for all but the most experienced finance professionals, this debt management method can be pretty complex and disheartening. It takes a special specialist to analyse personal finance in a single glance and successfully negotiate terms with unsympathetic creditors.