IVA - Individual Voluntary Arrangements

 Pay an affordable amount over a fixed time period - usually 5 years.

 Write off 100% of the unsecured debt you cannot afford to repay - with approval of creditors.

 Payment demands stop - creditors must deal directly with your insolvency practitioner rather than you.

 No further court action - an IVA is binding, once it's set up creditors cannot change their minds.

What is an IVA and is it the solution for you? The main advantages of an IVA are:

• At the end of the agreed IVA term you will be free of unsecured debt, whether or not you have paid your creditors in full (the effect on your credit rating will last for 6 years).
• You only pay what you can afford over a fixed period of time, usually an IVA term is five years.
• Interest on your debts will cease to accrue as creditors are required to prove their claims for an amount.
• People often think an IVA is like going bankrupt - it isn't the same. However if the IVA fails this could lead to bankruptcy.
• An IVA is not advertised in the press and your employers will not be told. Details are published on the Insolvency Service register.
• The IVA is binding. In other words, once it is set up, creditors cannot change their minds.
• Creditors must deal directly with your insolvency practitioner rather than with you, so any threatening letters or telephone calls you may have been receiving will stop.
• Your home may also be protected in an IVA. In certain instances you may however be required to re-mortgage your property after 4 years in order to release any equity to pay off some or all of your debt.

Applying for an IVA would involve going through a simple assessment, which allows us to obtain an understanding of your current financial situation and the difficulties that you may be experiencing. For impartial advice from one of our IVA specialists call us FREE on 0800 043 2332

Chiltern Debt Management has been helping people with debt problems for 10 years, and recognises that different debt problems need different solutions. Through our in-house insolvency practitioner's Dawson White, we can act as nominee and supervier throughout your IVA term.

To request a call back please complete the form on the right of this page or Click Here to Contact Us and one of our IVA specialists will call you when it is convenient for you.