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IVA Mortages
Are you increasingly drifted towards filing for bankruptcy? Is your financial situation so alarming as to warrant an immediate reprieve? IVAs or Individual Voluntary Arrangements are, perhaps, what you are looking for as the best alternative to bankruptcy. IVA is a legally binding agreement between a debtor and the creditors constituting a formal repayment proposal presented to the creditors through an Insolvency Practitioner.
Individual Voluntary Arrangements at a glance
- Generally, the IVA mortgages deal with only the claims of unsecured creditors. The exclusive rights of secured creditors are preserved.
- The terms of IVAs are flexible but mostly, the creditors will secure their position to strike a better deal than the scenario where the borrower could’ve declared bankruptcy.
- Sanctions, like right to declare the borrower bankrupt through legal means, are common in most IVAs.
- Generally, 75% or more creditors must agree to the IVA proposals at a general meeting. Once the IVA is approved, all the creditors are bound by its terms under the Insolvency Act 1986.
- Usually, the payments under IVAs are made on a monthly basis.
- An IVA can last for any duration but rarely does it exceed 60 months’ period.
- Both debtors in an IVA and bankrupts are listed publicly on the Personal Insolvency Register.
- The credit rating of a debtor is bound to suffer as a result of IVA.
- An IVA is less expensive than bankruptcy as the Insolvency Practitioner need not deposit funds in the Insolvency Services Account, as is the case in a bankruptcy.
- You can reduce your debt by as much as 70%.
Why Choose Us?
- Free valuable information and advise on IVAs, should you require one.
- We only deal in secured loans.
- No awkward questions asked.
- Devising the best possible IVA suitable for your requirements and acceptable to the creditors.
- Flexible and attractive repayment options.
- Expert services without any hassles and without any wait!
Apply Here
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