Be Debt Free in 5 years

With an IVA, Debt Solution Services negotiate with your creditors to agree a payment proposal under which you pay a fixed, affordable amount each month for 60 months. After the 60 payments have been made any other money that you owe to your creditors is written off and you are debt free.
                            
IVA

• 60 payments You make 60 payments, after that the remaining debt is written off and you get a fresh start
• Write off up to 75% of your debt No matter how much you actually owe, at the end of the IVA any remaining balances are written off.
• Stop charges and interest. Once the proposal has been accepted each debt is frozen and cannot increase during the course of the IVA
• Stop creditor calls and letters.  Once agreed,Creditors will not call or contact you in any other way during the course of your IVA.
• Stop court action.  An IVA can halt bankruptcy proceedings and bailiff visits.
• No additional fees. The fee associated with setting up and managing your IVA is taken from the 60 payments and absorbed by your Creditors as part of the money they write off, you do not have to pay any other fees.
• Your house remains yours. Unlike Bankruptcy you will not be forced to sell your home, although you may be required to release some of the equity as part of the IVA.

Advantages of an IVA

• There is not the stigma or publicity that normally accompanies Bankruptcy.
• The debtor does not suffer the same restrictions imposed on bankrupts. For example, you can still be a company director, a member of the armed forces or a serving Police Officer.
• If applicable, you can continue to trade in a business to earn your living.
• As this is a process of negotiation, you have some control over the assets made available to creditors since the arrangement is designed to suit your individual circumstances. All this is providing the creditors are no worse off than if bankruptcy had taken place.
• Administration costs are normally lower than Bankruptcy, enabling higher payments for creditors.
• Creditors can claim tax relief against bad debts just as with Bankruptcy.
• Creditors who vote against the IVA are still bound by it as long as the required majority (75%) in value of the creditors who have voted agree to it.
• Creditors recognize that they must accept less than all the money owed.