Individual Voluntary Arrangement
Promise Debt Solutions can also offer you an Individual Voluntary Arrangement (IVA)
An IVA is a formal process where you can gain protection from your unsecured creditors
by entering into a legally binding agreement to repay them.
Is an IVA right for you?
Do you owe more than £15,000?
To find out, either call us free on 0800 093 2285 and speak to one
of our Customer Account Managers or complete your details and we'll call you back.
Individual Voluntary Arrangements are supervised by a licensed Insolvency practitioner
who is directly responsible for negotiating with creditors and will ensure that
you make all the payments due under the terms of the arrangement.
Normally you are required to make an agreed monthly payment over a fixed number
of years after which any balance that remains on the debts you owe are written off.
There are implications for homeowners which we can explain.
You should take note that if your financial situation improves during the term of
the IVA, you may be asked to increase your monthly contributions.
The success of an IVA relies upon the goodwill and agreement of the majority of
your creditors to accept your monthly payment and, if accepted, you could see yourself
free of debt within 5 years, which is the typical term for an IVA.
An IVA is a highly specialised procedure so we at Promise Debt Solutions only work
with partner companies with licensed practitioners who are members of R3, the Association
of Business Recovery Professionals or of the Insolvency Practitioners Association.