Abbot & Edwards Explain How An Individual Voluntary Arrangement Could Help Some People

Debt consultants Abbot & Edwards offer individual voluntary agreements (IVAs) as part of their debt management service.

2011-04-02

LONDON, ENGLAND, April 02, 2011 (Press-News.org) What is an individual voluntary agreement?
An individual voluntary agreement or IVA is an agreement which helps people to evade bankruptcy in case they are experiencing difficulties while repaying an unsecured debt. In Scotland, this agreement is also known as protected trust deed.

Individual voluntary arrangements can only be prepared by licensed insolvency practitioners who would forward your creditors a formal proposal regarding the payments. This proposal will be based on the detailed evaluation of your financial conditions and would usually outline regular monthly payments or lump sum payments or a combination of both. If you are in possession of any property like real estate, then your creditor may be ready to pay an amount which equals the equity owned by you on that property.
These payments are usually made during a course of 3 to 5 years and most of the times, they would be less than the full amount which is owed by you from all the debts. If 75% of your creditors agree to go by this proposal then the IVA becomes a legally bound contract on you, as well as your creditors. This means that the current interest rates on your debts would be frozen and your creditors would accept the payments made by you as final, if and only if, you religiously abide by the terms of the contract. This way you would end up paying less than what you were originally supposed to. If you fail to abide by the terms of the contract or your creditors don't approve the IVA, then they may apply to make you bankrupt.

How much do IVAs cost?
IVAs have their own costs which need to be borne by the defaulters. The insolvency practitioners charge a fee against the services provided by them which typically involves arranging and supervising the IVA. The client might need to pay this fee, typically 1000 to 1500 GBP, as an upfront payment. If the IVA is approved, then a yearly supervisory fee of GBP 500 is sourced from the monthly payments made to your creditors.

Who will know about your IVA?
Details pertaining to current IVAs are maintained on a public register called individual insolvency register. This register is kept and updated by the Insolvency Service. Your credit file will contain the details relating to your IVAs and the information would stay there for six years, or till the date your IVA finishes in case it continues beyond six years.

Who are the beneficiaries of IVAs?
An IVA can be a suitable option for those who may not be able to comply with an informal debt management contract. On the other hand if you do not have the extra cash to pay off the high monthly payments in addition to the hefty insolvency practitioner's fees, then it might not work for you.

If you need free advice to see if offer IVAs ( http://www.abbotandedwards.co.uk/IVA-Individual-Voluntary-Arrangement-Overview.htm ) could be an option for you, call 0800 533 5444 now.

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