Struggling with personal finances and paying your bills? An IVA can help you get back on track
Often our clients fall into debt through no fault of their own. It is our job to listen and provide a solution that gives you a fresh start, and an Individual Voluntary Arrangement or IVA could be the answer.
- Prevent your creditors from chasing you for money or contacting you again
- For homeowners, free up cash to help avoid your property being repossessed
- Restructure your repayments over an achievable time period
For many people that are experiencing financial difficulty, an Individual Voluntary Arrangement (IVA) will help to relieve the pressure and get your finances in order.
What is an IVA?
An Individual Voluntary Arrangement (IVA) is a process that was introduced to help people tackle their personal debts. In simple terms, it is a formal agreement between you and your creditors (the people you owe money too) that helps you pay back only what you can afford, over a set time period.
How does an IVA work?
The first step is to speak with one of our experienced team who will look at your financial situation and make a list of all of your monthly expenses including, rent / mortgage, food, toiletries, loans, credit cards, living costs etc. Once your monthly expenses have been taken into account, we will be able to identify what money you have left over and out of that figure, determine what you can realistically afford to pay to your creditors each month – this figure is likely to be lower than your current monthly expenditure.
We will explain how an IVA works and answer any questions you may have about the process. If an IVA is a suitable solution for you, we will prepare a proposal outlining the suggested payment plan which is then sent to your creditors. Your creditors then have an opportunity to vote to accept or decline your proposal, but don’t worry – in the rare case where a creditor is unhappy with the proposed plan, we will negotiate on your behalf.
It will always be a Licensed Insolvency Practitioner from our experienced team that will lead the negotiations with your creditors.
When a proposal is approved, you will then start to make your lowered monthly payments (usually over a period of 5 years) and when the IVA term finishes, all outstanding debts will be written off. Put simply, an IVA can help you make a fresh start financially, no matter what level of debt you are currently in.
An IVA is also is also useful if you trade as a sole trader or partnership and want to protect your business from being forced to close because your creditors are threatening bankruptcy proceedings against you.
At Leading Debt Solutions our team of experts have helped many people make a fresh start. Often our clients have ever growing debts and are struggling to juggle their cash to make ends meet. In many cases, the situation is more serious and the fear of bailiffs knocking on the door has become a very grim reality. We specialise in helping you to overcome these obstacles, allowing you to move on with your life without the weight of the world on your shoulders. We offer free advice to anybody who is struggling to make ends meet so get in touch today for a free, no obligation consultation.
For a free, confidential, no obligation discussion to find out how we can help you, contact our team today on 0800 246 1845 or email@example.com.
Why use Leading Debt Solutions?
Our team are always on hand to guide you every step of the way
We understand that you may need advice quickly. That’s why our team of experts are available by email or telephone outside of standard office hours in order to provide an efficient service without compromising quality. Additionally, we know that dealing with your financial problems will always be a priority which is why we are happy to meet with you out of hours in the evening or at weekends
Our team are empathetic and non-judgemental
We know that it can be difficult to discuss the financial issues you are facing and coming to terms with your situation can be daunting. That is why our team of experts will take the time to listen without judgement in order to help you move forwards without being crippled by debt.
We offer flexible payment plans
We appreciate that anybody facing financial distress will want to avoid hefty professional fees. That is why we always provide a free, no obligation consultation to discuss your options and should you choose to appoint us, will always agree a flexible payment arrangement, generally meaning there will be no upfront fees.