What is IVA or Individual Voluntary Arrangement?

An IVA is a solution that recognises that people cannot be expected to struggle with their debts indefinitely.

The IVA is allowed by Government Legislation so that people who are overwhelmed by their debts, can make a balanced agreement with their unsecured creditors to repay what they can afford and then become free of debt. All of our professional advice is free and our friendly advisors will patiently explain the options available to you.

• You make one monthly payment based on what you can afford.
• All of your interest and charges are frozen.
• Your creditors are no longer allowed to contact you in any way.
• As a home owner your property is taken into account, however you will not loose it.
• It is a private and confidential legal agreement, between you and your creditors.
• You pay the affordable monthly amount for 60 months, and at the end of that period any debt remaining is completely written off.

Broadly speaking, an IVA is considered a good solution for people struggling with their debts in excess of £15,000. At Ramsey Lomax we believe in informed choice, so whether you choose to act on our recommendations or not, you will at least have a better understanding of your particular options.