Individual Voluntary Arrangement UK

The majority of people want to avoid bankruptcy as its effects are financially crippling not only for the period of the bankruptcy but far beyond in the terms of credit rating.

In the majority of bankruptcy cases where there is a house that has a value more than its mortgage, whether jointly owned or not or there are children living in it, the equity has to be realised, which may mean that either your wife or partner has to purchase your interest or it has to be sold further adding a burden to your personal relationship.

In some cases bankruptcy can only be the best advice but the less well known solution is an Individual Voluntary Arrangement (IVA) which was introduced as an alternative to bankruptcy by The Insolvency Act 1986.

to complete our Financial HealthCheck so that we can assess your suitability for Individual Voluntary Arrangement.

Why is an Individual Voluntary Arrangement not commonly offered to individuals facing financial difficulties?

Simply:-

	An IVA is highly regulated by an Act of Parliament and is less likely to be open to abuse by those who offer this service.
	Only a Licenced Insolvency Practitioner, belonging to a recognised professional body, can act as your Supervisor who will be introduced to you by Debts-Solved.
	The IVA is not advertised in any newspaper unlike a Bankruptcy Order.
	A private contract, commonly known as a proposal, is written on your behalf to deal with claims of unsecured creditors in accordance with the Insolvency Act 1986.
	Every consideration is given to the exclusion of the matrimonial home from the proposal.
	A named Licenced Insolvency Practitioner acts as Supervisor throughout the term of the approved IVA.
	Fees are regulated in accordance with the Insolvency Act 1986 and sanctioned by creditors. These are set out in the proposal so that you know exactly who is being paid what, when and from where.
	After the preparation of the proposal an Interim Order of the Court provides creditor protection from debt enforcement and bankruptcy.
	All unsecured creditors to whom the proposals have been sent, are bound by the Arrangement, even if they do not agree to the proposal, if more than 75% of your remaining unsecured creditors agree to the proposal.
	When the proposals are approved interest on debts cease from that date.
	Those creditors who are bound by the proposal cannot petition for your bankruptcy in relation to the debts in the Arrangement and also agree to waive the balance of their debt when the Arrangement has successfully been concluded.
	If your financial circumstances change beyond your control the Licenced Insolvency Practitioner will always be sympathetic and advise you on the appropriate course of action to assist you.

Clearly the IVA, if appropriate to your circumstances, due to its very nature and highly regulated regime, is the best way forward.

In order for us to fully assess your financial position we require you to complete the following Financial HealthCheck form