One off individual voluntary arrangement (IVA)

Just like the normal IVA this is a court ratified arrangement with creditors. Often a large element
of the debt is written off. But unlike the normal IVA rather than making repayments over 5 years it is done with a one off larger payment (Usualy around 40% to 50% of the debt)

Advantages

• Opportunity to write off a significant amount.
• Quicker solution (One Off Payment)
• Legally protected.
• Creditors must stop chasing debt.
• Discreet solution.

Disadvantages

• Creditors have the right to vote against proposal.
• One off payment needs to be realised before solution can be proposed
• Possible need to re-mortgage to raise funds
  
  
  
  

  For more information on this solution and all other solutions please contact us on 

  0845 224 2761