IVA (Individual Voluntary Arrangement)

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Do you have Personal Debt of £15,000 or over?

Do you have credit card, store card and personal loan debts?
Do you have monthly payments that you just can't meet?
Do you owe money to three or more creditors?
Is your home and family life being affected?
Are you are being harassed by multiple creditors every month?

Talk to an IVA Specialist to help you find a solution to YOUR problems. Do not ignore Debt! Read the more detailed information below and then either...

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IVA? What is an IVA?

An IVA is an abbreviation meaning Individual Voluntary Arrangement.

IVA is a legal process available for UK residents with what are perceived to be serious debt problems. Moneycloud can help you make a legal arrangement that ultimately allows you and your family to avoid the trauma of bankruptcy.

If you owe more than £15,000 then Moneycloud can provide IVA advice and IVA information. We ensure that you are contacted quickly by the finest Insolvency Practitioners in the UK. Our partners are licensed by the FSA to agree IVAs for our clients.

Please note due to its formal nature, an Individual Voluntary Arrangement or IVA has to be set up by a licensed professional called an Insolvency Practitioner (IP).

For a no obligation telephone consultation please complete our simple form and start on the road to financial stability today!

Is an IVA right for me?

Do you suffer from any of the following?

Credit card debt
Store card debt
Struggling to repay the mortgage
Struggling to pay food and utility bills
Don't have enough or any spare cash each month
Close to bankruptcy

If your personal debts are over £15,000 then an IVA could be your best option for reducing debt quickly and in a controlled manner. By taking action and working with specialists then this can mean that people you owe money to will not contact you, your debts will be cleared in a specific time period and your monthly payments are reduced.

Not only is the situation under better control but you have the support from a professional company, this in turn can help reduce stress and allow you to think clearly and focus on resolving your debt problems!

Please note you can’t propose an IVA to your creditors by yourself. By law, you will need the help of an Insolvency Practitioner (or IP). There are a number of reputable Insolvency Practitioners.

The KEY POINTS:

IVA is a viable alternative to bankruptcy without the stigma and legal restrictions that are associated with going bankrupt.

To qualify for an IVA you must have unsecured debts of £15,000 or more.

IVAs are arranged by insolvency practitioners who negotiate the terms of the agreement with your creditors on your behalf.

A large proportion of your debt can be written off under the terms of the IVA and the rest paid off over five years.

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How can we help you?

We offer a complete service for debt management and debt advice. As IVA specialists it's our job to provide you with the correct advice to help you reduce your debt and expense.

Our free advice can be obtained 7 days a week by completing the application form under no obligation and we make contact with you at convenient time after work hours so that you can talk in confidence with our experts:

Click here to discuss an IVA solution for your debt problem and become Debt Free in 60 Months.

Why use an IVA?

As well as helping overcoming the problems of debt an IVA offers you a real solution; the IVA becomes a lifeline to help you back on the road to financial stability, where informal debt solutions do not.

An IVA agreement lasts for a sensible period of time (normally 5 years).

When you’re IVA is agreed, your creditors are NOT allowed to add further interest or charges to your accounts and this is enforceable by UK law.

You now have an agreement with creditors to make a single reduced payment each month.

The IVA agreement is fixed and this means that your creditors cannot demand changes to it.

Who Can Use an IVA?

There are no restrictions and anyone can consider an IVA to solve their debt problem. IVAs have been put in place for all with serious and legitimate debt problems, from office workers to Factory workers or people working in service industries. The ability to implement and use an IVA is not defined by your job or profession.

Why should you avoid Other Debt Solutions if you have over £15K of debt?

You only have to switch on the TV or glance through the newspapers to see there are so many organisations who advertise debt solutions.

Most claim to be able to reduce monthly loan and credit card payments to a single affordable amount.

Be aware that these reductions are often possible to achieve and can provide peace of mind but, these agreements are typically informal “gentleman’s agreements”. This means they are not legally binding and can therefore change when you least expect it!

What’s the purpose of an IVA?

Well put simply it’s a legally binding agreement between you and your creditors (the people you owe money to). An IVA helps those in financial difficulties to make a formal proposal to settle their debt and benefit from the protection of that legal agreement.

So how is an IVA arranged?

An agreement is made so that your monthly payments are based on an affordable disposable income specific to your circumstances. When the final payment is made, any outstanding debt is legally written off and in some cases this can mean creditors agree to write off up to 65% of your debts (always subject to your circumstances).

What is an Insolvency Practitioner (IP)?

What’s referred to in the finance industry as an IP is a person authorised by one of the chartered accountancy bodies, the Law Societies, The Insolvency Practitioners Association or the Department of Trade. This is the only person who may act as office holder in an insolvency proceeding.

(Please Note: The definitions are not intended to be exhaustive summaries of the Law. They are based on material from The Insolvency Act 1986 , and other Acts dealing with this subject.)

Debts that can be included in your IVA

Typically any unsecured debts can be included in your IVA agreement. These normally include (this is not a definitive list though):

Any unsecured personal loans
Unsecured student loans
Your store cards
Your bank overdraft
Your catalogue account
Your credit cards
Outstanding balances (ie: after car or home repossession)
Business loans (ie: If you are personally liable)

Please NOTE: Personal debts to the Inland Revenue & VAT can be included but these types of debt are usually treated preferentially within the IVA proposal.

Debts that cannot be included in your IVA

Please be clear, you need to be aware that some debts just can’t be included in your IVA.

If your debt is secured, such as a mortgage arrears or Car HP and other debts such as your rent and Council Tax arrears or any fines (even parking offences) will normally have to be paid.

It is standard practice for the provision for the repayment of these debts to be made separately by your IP.

Do I have to pay for the IVA service?

In short yes, IP’s (Insolvency Practitioners) don’t work for free.

Most IP’s take their fees from the money that you agree you can afford to pay each month so you don’t have a “separate” debt. You will not have to pay more than your agreed monthly payment.

However different IP’s do have different ways of charging fees so make sure you ask how you will be charged. Moneycloud’s Debt Management Specialists and our preferred IPs will offer a free consultation. Take advantage of this offer if you can.