Advantages of Individual Voluntary Arrangement (IVA)

 A legal arrangement between you and your creditors to pay off your debts is known as an Individual Voluntary Arrangement (IVA). An IVA is a formal insolvency procedure and must be supervised by an insolvency practitioner (IP). If you enter into an IVA, you'll be required to make regular monthly payments towards your debts for a period of time (usually five years). Any outstanding debt will be eliminated at the end of the individual voluntary arrangement.

       


     

There are a number of advantages of an IVA, including:

 

●    You'll only have to make one monthly payment towards your debts.

●    Your creditors will be legally bound by the terms of the IVA and cannot take any further action against you.

●    You'll be protected from bankruptcy.

●    Usually stops charging interest and fees.

●    In an IVA, you won't need to sell your house.

 

If you're considering an IVA, it's important to seek professional advice from an experienced IP. They'll be able to assess your financial situation and advise you on whether an IVA is the right option for you.

If you're struggling to repay your debts and are unable to reach an agreement with your creditors, an IVA could be an option for you. Contact Acme Credit Consultants Ltd. We'll evaluate your specific situation and help you in determining whether an IVA debt help or other debt-relief alternatives will be beneficial for you. Get in touch with us at +44 7779648018 for a debt management plan.

Comments

Post a Comment

Popular posts from this blog

4 Strategies to Pay off Your Debts

Image
  An agreement to pay off all of your debts is known as a debt management plan. Debt Management Plans aren't always the best option for getting out of debt. Problem debt from medical bills and student debts is typically not covered by such programs. There are some alternatives to a debt management plan. Regardless of how you got into debt, you'll need a strategy to get out of it. To get you started, think about these strategies.   Debt Consolidation: Debt consolidation is a great way to get a handle on your debts and improve your financial situation. By consolidating your debts, you can reduce your monthly payments, get rid of high-interest debt, and pay off your debt faster.   Bankruptcy: Filing for bankruptcy can be a tough decision to make, but it may be the best option for you if you're struggling to pay your debts. Bankruptcy is a legal process that allows debtors to have their debts discharged, or wiped away. This means that the debtor no longer owes the money
Read more

Pay as You Grow : Bounce Back Loan Repayment Solution

Image
If you're a Bounce Back Loan scheme borrower and you're struggling to make your repayments, you can apply for the Pay as You Grow scheme. Once you've been approved for the scheme, you'll be able to take advantage of repayment holidays and reduced repayments. Pay As You Grow is a new repayment system for Bounce Back Loans, giving you more time to repay your loan and making your monthly repayments more manageable.   There are several options available under the Pay as You Grow (PAYG) plan if your company is having trouble making the required monthly payments. These solutions are planned to manage cash flow and provide your company with a greater chance of returning to growth. Businesses that have begun repaying their bounce-back loans have three options: ●     Ask to have your loan term increased from 6 years to 10 years at the same fixed interest rate of 2.5%. ●     Paying interest just for 6 months will lower your monthly repayment obligations. During the dura
Read more

Everything you need to know about Bounce Back Loan Repayment

Image
In order to assist business owners during the covid pandemic when lockdowns stopped many of them from trading, the government established Bounce Back loans, which were government-backed loans for sole traders and small to medium-sized businesses. If a business that has obtained a bounce back loan is having trouble coming up with the cash to make its monthly payments, they have some major options under the Pay As You Grow (PAYG) scheme. Here are three ways the PAYG program might be helpful if you are unable to repay your bounce back loan: ●     An opportunity to postpone payments for six months. This is in addition to the Bounce Back Loan's first-year payment break, which you will have received. To be eligible, you don't need to have paid anything back on your bounce-back loan. ●     You have the option to extend the Bounce Back Loan's term from 6 to 10 years. By doing this, you can cut your monthly payments in half, which could significantly improve your cash flow at
Read more