Do you find yourself in the situation of owing more than £15,000?

If the answer's yes, an Individual Voluntary Arrangement (IVA) is one of the most effective solutions to get rid of your debt problems. An IVA is simply a legal arrangement which works as an alternative to bankruptcy: by paying an agreed sum each month, you could be debt free in five years.

How can an IVA help with my debt?

An IVA is a formal and legally binding arrangement between you and your creditors. By providing both parties with certain legal protections, it gives you the breathing space you need to solve your debt problems.

This form of debt help couldn't be simpler. All you have to do is pay the agreed monthly amount, usually over a period of five years (60 months), taking care to inform our IPs (Insolvency Practitioners) of any change in your circumstances which could affect your income or assets, either negatively or positively.

Once the arrangement has been signed and is in place, legally your creditors must stop all further interest and charges being incurred on your debts. As a result, all letters and phone calls from your creditors in relation to your debts should then cease. At the end of the period of 60 months, assuming you have kept to the (legally binding) arrangement, any outstanding debt is then written off.

What is the minimum criteria for an IVA?

• You must have three or more creditors
• You must be able to provide evidence that you are struggling with payments
• You must have more than £15,000 of unsecured debt
• Proof of income must be provided
• Proof of UK citizenship (IVA specific for England and Wales)

Speak to James Dee Associates' expert advisers today on 0800 917 3193 or complete the debt management enquiry form.

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