IVA

Individual Voluntary Arrangements

For further information on individual voluntary arrangements click on the following links:

If your debts are spiralling out of control, and you are considering bankruptcy as the only option, think again!

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How Does an IVA Work

We can put you in touch with a licensed Insolvency Practitioner who is permitted by law to set up an IVA. In order to qualify for an IVA, 75% of your creditors must vote in favour of it. N.B. 75% refers to the share in value of the total debt. However, if some creditors vote against it, they will still be bound by the IVA as long as at least 75% vote in favour.

Additionally, creditors often agree for part of the debt to be written off. This is because creditors receive higher payback with IVA’s than they do with bankruptcy. Therefore, they are still likely to receive more than they would if you were made bankrupt. Once you have an IVA in place as long as you keep up with the arrangements put in place your creditors will be unable to take court action against you for the recovery of debts.

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.