| An Individual Voluntary Arrangement (IVA)
is an arrangement with your creditors to
make a single reduced
monthly payment for a specified period of time. After signing an IVA, creditors are not allowed to change interest rates or add any other charges to your accounts by law. Moreover, an IVA is a fixed arrangement; this means that creditors cannot make changes to it.
An IVA requires a licensed insolvency practitioner who acts as a mediator between you and your creditors.
An IVA covers all your debts which includes amounts due on loans, credit cards, suppliers, preference account loans, student loans, council tax arrears, disconnected phone bills, previous rent arrears, inland revenue, national insurance contributions, Business rates, Business Merchants, etc. An IVA will merge all these creditors and bill payments into a single affordable monthly payment to one lender.
Advantages of an IVA:
- One affordable monthly payment.
- Lower interest rates and easy repayment terms.
- No interest and charges after an IVA.
- No advertisement in the local papers about your status.
- No affect on your professional status or your ability
to hold public office.
We at UK Debt Consolidations provide free IVA advice to residents of the UK.
Apply now for free IVA advice.
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