Individual voluntary arrangements (IVA)
If you are struggling to keep afloat with your finances, an IVA might help keep you buoyant. The experts at Streets SPW have many years of experience helping individuals regain control of their money problems and steer a course towards a more profitable and secure future.
What is an Individual Voluntary Arrangement?
An IVA is presented under the Insolvency Act and can often be an effective solution to debts which are spiralling out of control. It is a formal alternative for debtors wishing to avoid the stigma of bankruptcy. The experts at Streets SPW have a wide range of experience in this area, which can help you to pay all your debts (or a percentage of them) over a given period of time.
As part of an IVA programme, your partner at Streets SPW will act as an insolvency practitioner on your behalf to present a formal payment plan to your creditors. The return to creditors in an IVA is often higher than that achieved in a bankruptcy.
An IVA is a legally binding agreement between you and those you owe money to. It is a flexible programme, which means your individual finances, such as capital, income, third party payments.
The proposal requires the approval of 75% or more (in value) of those creditors present and voting in person or by proxy at a meeting of your creditors.
At Streets SPW, we will work with you at every stage and can also help you reach an agreement with secured creditors, such as your mortgage provider.
Arrange an initial consultation to see whether an IVA could be the lifeline your finances need.