An Individual Voluntary Arrangement (IVA) could be the ideal solution for you if you have debts over £15,000. The Individual Voluntary Arrangement has helped thousands of people avoid the trauma of bankruptcy and deal with their debt problems effectively.
With you or your partner in full-time regular employment, the likelihood is an Individual Voluntary Arrangement with Debt Free Direct could well be the best possible remedy for your debt problems.
An Individual Voluntary Arrangement is a legally binding contract between you and people you owe money to which allows you to pay what you can afford in set monthly instalments, usually over a period of five years. After the term of your Individual Voluntary Arrangement any remaining debt will be written off and you will have no further obligations to people you owe money to.
An IVA needs to be our best advice
At Debt Free Direct we will look at your individual circumstances and, using our Best Advice Model, we will advise you on the best possible course of action to take, whether that is an Individual Voluntary Arrangement or an alternative solution.
Individual Voluntary Arrangements are often the best solution for those in full-time employment and with debts over £15,000 as, unlike Debt Management Plans, they are legal contracts that people you owe money to are obliged to adhere to. This means that once your Individual Voluntary Arrangement comes to an end you need have no further contact with your debtors. Debt Free Direct will contact people you owe money to who will agree to write off the debt you can't afford to repay.
Unlike bankruptcy, an Individual Voluntary Arrangement will not put your job at risk and it does not have to be declared publicly by the local media.
