Individual Voluntary Arrangement
- An Individual Voluntary Arrangement (IVA) could be the right solution for anyone with a regular household income who is struggling to keep up repayments on their unsecured debts. MGA helps many people with IVAs and our sympathetic but experienced staff can effectively deal with your problem.
- Managing debt can be stressful and complicated. Entering into an IVA with your creditors could make a real difference to you, writing off debt you cannot afford to pay.
- An IVA could be the right path for anyone with a regular income, who is struggling to keep up repayments on their unsecured debt*. As a rule, the minimum unsecured debts of someone entering an IVA is £15,000, but is often much higher. There is no maximum amount.
- An IVA could also be the right solution for debtors who are sole traders or self-employed. In most cases, entering into an IVA will allow you to carry on trading, making it a more attractive alternative to bankruptcy.
- Interest on debts will be frozen.
- You may be able to retain assets such as your home although you may be asked to release some equity within your property
- If you fail to maintain your agreed repayments, you could be made bankrupt
- Setting up an IVA is a straightforward process. Your IVA supervisor will guide you through each step and communicate with your creditors on your behalf.
- If an IVA sounds like the right solution for you call MGA now – we can help take the stress and pressure off you.
*Unsecured debt is any debt not secured on an asset such as a house. Typically it is credit card debt, loans, HP agreements etc.