The general terms of the IVA proposal give great benefits to the debtor.

Here are a few of the main points:

• IVA monthly repayments are set at a predetermined affordable amount.
• The debtor's repayments will last for a fixed term, normally 5 years.
• An IVA protects the debtor's home from creditor
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  When a person in financial difficulties wants to avoid bankruptcy, they generally have two options. They can take either, an informal debt management program, or the formal IVA route. Here is a comparison of the two choices:

  The informal route option will either be:

  • A debtor talking to their creditors directly, explaining to them that they cannot continue with their monthly repayments at the agreed level, and asking for a reduction of repayments for themselves. A debtor who approaches creditors directly will save on the management fees of a commercial debt management company, but will have to deal with the problem at first hand. This is never an easy task, and is made even more difficult when a debtor has multiple creditors.

  or

  • A debtor employing the services of a debt management company, who in turn will contact the creditors on behalf of the debtor and negotiate lower monthly repayments for them. However, a debtor that chooses to use the services of a commercial debt management company will face the cost of management fees each month, which will actually reduce how much can, in turn, be paid to the creditors.

  Both of these informal agreements have a role to play in the debt solution market place, and deciding on which is the most suitable option will be down to the individual circumstances of each case.

  Other issues to consider with an informal debt management agreement are:

  • The debtor will be expected to make a full repayment of the debt.
  • The creditors may not freeze the interest on the outstanding debt.
  • The creditors can still take legal action for the recovery of the debt.
  • The debtor's credit file will be effected by default notices once the debtor enters the informal arrangement.

  The formal route will be an IVA.

  An Individual Voluntary Arrangement gives a debtor, with debts over ?15,000, a real alternative to both informal choices above, and formal bankruptcy.

  The IVA is, in essence, a legally binding contractual agreement between the debtor and the creditors. It is lodge in court and held on the public register of IVAs within the Dept of Trade and Industry (D.T.i.).

  The general terms of the IVA proposal give great benefits to the debtor.

  Here are a few of the main points:

  • IVA monthly repayments are set at a predetermined affordable amount.
  • The debtor's repayments will last for a fixed term, normally 5 years.
  • An IVA protects the debtor's home from creditors
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    who approaches creditors directly will save on the management fees of a commercial debt management company, but will have to deal with the problem at first hand. This is never an easy task, and is made even more difficult when a debtor has multiple creditors.

  or

  • A debtor employing the services of a debt management company, who in turn will contact the creditors on behalf of the debtor and negotiate lower monthly repayments for them. However, a debtor that chooses to use the services of a commercial debt management company will face the cost of management fees each month, which will actually reduce how much can, in turn, be paid to the creditors.

  Both of these informal agreements have a role to play in the debt solution market place, and deciding on which is the most suitable option will be down to the individual circumstances of each case.

  Other issues to consider with an informal debt management agreement are:

  • The debtor will be expected to make a full repayment of the debt.
  • The creditors may not freeze the interest on the outstanding debt.
  • The creditors can still take legal action for the recovery of the debt.
  • The debtor's credit file will be effected by default notices once the debtor enters the informal arrangement.

  The formal route will be an IVA.

  An Individual Voluntary Arrangement gives a debtor, with debts over ?15,000, a real alternative to both informal choices above, and formal bankruptcy.

  The IVA is, in essence, a legally binding contractual agreement between the debtor and the creditors. It is lodge in court and held on the public register of IVAs within the Dept of Trade and Industry (D.T.i.).

  The general terms of the IVA proposal give great benefits to the debtor.

  Here are a few of the main points:

  • IVA monthly repayments are set at a predetermined affordable amount.
  • The debtor's repayments will last for a fixed term, normally 5 years.
  • An IVA protects the debtor's home from creditor
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    rcial debt management company will face the cost of management fees each month, which will actually reduce how much can, in turn, be paid to the creditors.

  Both of these informal agreements have a role to play in the debt solution market place, and deciding on which is the most suitable option will be down to the individual circumstances of each case.

  Other issues to consider with an informal debt management agreement are:

  • The debtor will be expected to make a full repayment of the debt.
  • The creditors may not freeze the interest on the outstanding debt.
  • The creditors can still take legal action for the recovery of the debt.
  • The debtor's credit file will be effected by default notices once the debtor enters the informal arrangement.

  The formal route will be an IVA.

  An Individual Voluntary Arrangement gives a debtor, with debts over ?15,000, a real alternative to both informal choices above, and formal bankruptcy.

  The IVA is, in essence, a legally binding contractual agreement between the debtor and the creditors. It is lodge in court and held on the public register of IVAs within the Dept of Trade and Industry (D.T.i.).

  The general terms of the IVA proposal give great benefits to the debtor.

  Here are a few of the main points:

  • IVA monthly repayments are set at a predetermined affordable amount.
  • The debtor's repayments will last for a fixed term, normally 5 years.
  • An IVA protects the debtor's home from creditor
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  • The creditors may not freeze the interest on the outstanding debt.
  • The creditors can still take legal action for the recovery of the debt.
  • The debtor's credit file will be effected by default notices once the debtor enters the informal arrangement.

  The formal route will be an IVA.

  An Individual Voluntary Arrangement gives a debtor, with debts over ?15,000, a real alternative to both informal choices above, and formal bankruptcy.

  The IVA is, in essence, a legally binding contractual agreement between the debtor and the creditors. It is lodge in court and held on the public register of IVAs within the Dept of Trade and Industry (D.T.i.).

  The general terms of the IVA proposal give great benefits to the debtor.

  Here are a few of the main points:

  • IVA monthly repayments are set at a predetermined affordable amount.
  • The debtor's repayments will last for a fixed term, normally 5 years.
  • An IVA protects the debtor's home from creditor
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    y binding contractual agreement between the debtor and the creditors. It is lodge in court and held on the public register of IVAs within the Dept of Trade and Industry (D.T.i.).

    The general terms of the IVA proposal give great benefits to the debtor.

    Here are a few of the main points:

    • IVA monthly repayments are set at a predetermined affordable amount.
    • The debtor's repayments will last for a fixed term, normally 5 years.
    • An IVA protects the debtor's home from creditors
    • The creditors cannot contact the debtor to request changes to the terms of the IVA.
    • The creditors cannot take legal action, with regards to the outstanding debts.
    • If the debt is not repaid in full after the IVA has finished, the creditors must write-off the balance.
    • The creditors are obliged to freeze the interest on the debts.
    • The IVA offers a debt solution to certain professionals that are unable to petition for their own bankruptcy.

    There are a few negative points to bear in mind though:

    • A debtor must maintain the repayments of the IVA, as the creditors can petition for bankruptcy if there are continuous missed repayments
    • The debtor will have their finances reviewed annually.
    • A debtor is barred from obtaining further credit whilst in their IVA.

    So, in short, the IVA bridges the gap between bankruptcy and debt management. It gives protection to the debtor and allows them to offer realistic repayment terms to the creditors, and it gives the creditors a better financial alternative to bankruptcy.

    Not all debtors will qualify for an IVA.

    There are several restrictions that determine whether or not a debtor's circumstances are suitable for the IVA to be a viable solution.

    But when the circumstances are right, the IVA wins by a country mile.