IVA (Individual Voluntary Arrangement) – Personal
Personal Individual Voluntary Arrangements or IVA’s are an alternative solution to bankruptcy.
An IVA allows you to make arrangements with the people you owe money to so you can reach a final legally binding settlement.
It is a tailored plan to suit your individual financial circumstances and pay to creditors only what you can afford.
An IVA replaces all your current payments with one affordable monthly payment which is usually paid over a period of five years.
Personal IVA (Individual Voluntary Arrangement) help from Griffin and King
If you can afford to pay a lump sum no monthly payments may be necessary – it’s all about tailoring a plan to your individual circumstances.
If you are a home owner it is usually possible to keep your family home. After that time any remaining debt is written of and you become completely debt free.
Monthly repayments can start from as low as £150 which is usually much less than existing minimum payments on credit cards and loans.
If you have unsecured debts of at least £15,000, have a regular house hold income and live in England, Wales or Northern Ireland, an IVA may be the option for you.
Griffin and King are Licensed Insolvency Practitioners and have offices throughout the UK. For more information on a Personal IVA or to discuss any other Personal Debt Solutions contact us for free impartial advice on 0843 783 3741.
