FAQ

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By Choosing an IVA you Could Avoid Bankruptcy

An Individual Voluntary Arrangement (or IVA) could be the solution to insolvency that you have been looking for. An IVA doesn’t have the same restrictions as bankruptcy. This means that, for example, you won’t necessarily have to include any equity in your home, providing your creditors are agreeable.

With an IVA the majority of your creditors have to agree to an informal, but legal binding, arrangement for the repayment of your debts over a fixed period. The agreement has to be set up by a licensed Insolvency Practitioner who may obtain agreement from creditors to write off some of the debt as part of the arrangement.

Give us 5 minutes and we'll give you:

  • Advice on all debt solutions that you may apply for
  • If your debt can be written off
  • Explain any interest or charges that can be frozen
  • Honest, no obligation advice

Some solutions, such as a Debt Management Plan or an Individual Voluntary Arrangement involve costs when the plan is set up.  These costs are there to cover the expenses and work undertaken on your behalf.  You will always be told clearly about any costs upfront.  Other solutions, such as a Bankruptcy incur costs which are payable to the Court; Debt Relief Orders incur costs which are payable to the Insolvency service.

Debt Direct is a trading name of Tatstar Limited. Tatstar holds a consumer credit license to offer debt counseling. Your enquiry will be passed to a selected third party who will contact you to discuss the most appropriate solution for your circumstances.