If you're suffering from serious debt problems then you may be eligible to apply for an Individual Voluntary Arrangement (IVA).
An IVA is a legally binding agreement to restructure your unsecured debt repayments. Your debts are restructured into a single payment made each month for a fixed period of time. At the end of this period, usually 5 years, any remaining unpaid debt is written off.
The process for setting up and managing an IVA can be divided into two areas - the Nominee stage and the Supervisor stage.
IVA Process - Nominee Stage
Individual Voluntary Arrangements begin with the Nominee stage. This covers everything that happens up to the IVA being agreed between yourself and your creditors. Although IVAs will vary typically the Nominee process will work as follows -
IVA Process - Supervisory Stage
The Supervisory stage of the IVA process covers everything that happens from your IVA being accepted through to its completion. Someone entering an Individual Voluntary Arrangement will be allocated a person to be their point of contact for the duration of the agreement. This IVA Supervisor has a number of responsibilities -
Royal Exchange can advise you on all aspects of the IVA Process and Individual Voluntary Arrangements in general. We incorporate debt counsellors and Insolvency Practitioners and so we are able to manage every stage of your IVA.
To find out if you qualify for an IVA please use our online debt calculator.
For more information call our debt helpline on 0800 028 4422 or complete our enquiry form and we will call you back.