An IVA could be right the right solution for anyone with a regular household income who is struggling to keep up repayments on their unsecured debts. McAlister & Co helps hundreds of people a year with IVAs and our sympathetic but experienced staff can effectively deal with your problem.
Managing debt can be stressful and complicated. Proceeding in an individual voluntary arrangement (IVA) with your creditors could make a real difference to you, writing off debt you cannot afford to pay.
Is an Individual Voluntary Arrangement (IVA) right for you?
An IVA could be the right path for anyone with a regular household income, who is struggling to keep up repayments on their unsecured debt*. As a rule, the minimum unsecured debts of someone entering an Individual Voluntary Arrangement (IVA) is £15,000, but is often much higher. There is no maximum amount.
An IVA could also be the right solution for debtors who are sole traders, or self-employed. In most cases, entering into an IVA will allow you to carry on trading, making it a more attractive alternative to bankruptcy.
- Interests on debts will be frozen
- You may be able to retain assets such as your home
- At the end of an IVA any remaining debts are written off
- You will need to stick to the budget for the IVA period
- You may be asked to release some equity within your property
- IVAs are likely to appear on your credit file
- If you fail to maintain your agreed repayments, you could be made bankrupt
How much will I repay?
In an Individual Voluntary Arrangement (IVA), you repay only what you can afford to, for a fixed period. Once the IVA period is complete, any remaining debt is written off.
Setting up an IVA is a straightforward process. Your IVA supervisor guides you through each step and communicates with your creditors on your behalf.
If an IVA sounds like the right solution for you, call McAlister & Co. Our IVA team are qualified and experienced, meaning you get a the best outcome for your circumstances, your IVA could be set up in as little as six weeks, giving you back your piece of mind.
Just by getting in touch, you are taking the first step in dealing with your unmanageable debt, and that’s a great feeling!
[su_spoiler title=”1. Assessment” open=”yes”]
When you contact our IVA team, we will assess your situation to see whether you are eligible to enter this type of agreement. If you are, one of our insolvency practitioners will “nominate” you for the IVA. This is simply part of the process and means that they feel an IVA is right for you.
[su_spoiler title=”2. Proposal”]
A proposal is then drawn up based on the information you provide and allow you to put forward the best offer of repayment you can afford. The offer could be a one-off lump sum payment (full and final settlement), or regular monthly payments over a fixed period. You won’t have to deal with this yourself, we will assist you every step of the way.
[su_spoiler title=”3. Approval”]
A copy of your proposal is sent to each creditor and asked to vote to accept or reject the proposal. If a majority (more than 75%) accept, then the IVA is approved and will be legally binding for all creditors, even those who may have rejected the proposal. Over 99% of the agreements drawn up by McAlister & Co are accepted by creditors
[su_spoiler title=”4. Payments”]
Once approved you simply start to make the agreed payments or lump sum and all phone calls and letters from creditors must cease.
[su_spoiler title=”5. Completion”]
When all of the agreed payments have been completed the remainder of the debt will be cleared.