An IVA can free you from serious debt problems and help you to avoid bankruptcy. Simple.

If you are feeling the pressure of mounting debt and see bankruptcy as your only option, you should find out whether you qualify for an IVA. The implications of bankruptcy on your family, home and profession can be profound and long-lasting. The Individual Voluntary Arrangement was launched for people in situations just like yours and is an excellent alternative to bankruptcy. SimpleIVA are specialists in the field and will be able to take you through the whole process.

SimpleIVA will look closely at your financial circumstances and help you decide if an IVA is the best debt solution for you. After all, everyone faces different financial pressures and although situations can appear quite similar, it’s important to find an answer to debt that’s tailored to suit you. If your debt problem is a serious one and you’re trying to avoid bankruptcy proceedings, the Individual Voluntary Arrangement could be the answer.

An IVA is a step up from the less formal debt solutions on the market, like a debt management plan or a debt consolidation loan. As such, it’s designed for those with more serious debt problems who might find themselves facing court action or bankruptcy. As the IVA is a legally binding contract, unlike the debt management plan, both you and your creditors know exactly where you stand and have legal support. That means you’ll be protected should your creditors attempt to move the goal posts.

SimpleIVA are here to help too. We’ll support you by drawing up an IVA proposal that will be based on a realistic assessment of the debt repayments that you can afford. The Individual Voluntary Arrangement must be brokered by a licensed Insolvency Practitioner, or IP, as they are the only person legally permitted approach your creditors with an IVA proposal.

So, after your creditors vote in favour of the repayment plan and your IVA proposal is successful, you will pay only what you can realistically afford each month, for a term usually lasting five years. The contract is legally binding too, so no hidden costs or additional charges. All you need to do is keep up with the single monthly repayment, which will be managed by your Insolvency Practitioner. They will then distribute it amongst your creditors and deal with the correspondence. Once you’ve successfully completed the IVA term, any outstanding debt will be written off by your creditors, leaving you debt free. Simple.