What is an IVA?
Do you have more than £15,000 worth of debt?
If so, an IVA is one solution to get rid of your debt problems. An IVA is a legal agreement which works as an alternative to bankruptcy. You pay an agreed sum each month and can be debt free in five years.
How does an IVA provide debt help?
An IVA is a formal and legally binding agreement between you and your creditors. It provides both parties with certain legal protections whilst you solve your debt problems.
With this form of debt help, you pay the agreed monthly amount, usually over 60 months, informing our IPs (Insolvency Practitioners) of any change of circumstance which could affect your income or assets.
Once the agreement is in place your creditors must stop all further interest and charges on your debts. All letters and phone calls from your creditors in relation to your debts should then cease. Once the 60 months have ended, and you have kept to the arrangement any outstanding debt is written off.
What are the minimum criteria for an IVA?
- Three or more creditors
- Struggling with payments
- More than £15,000 of unsecured debt
- Proof of employment
- UK citizen (IVA specific for England and Wales)
Speak to Chase Debt Solutions expert advisors today on 01843 296666 or complete the form on the right of this page to see if you qualify for an IVA
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