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We deal with people every week who have gone into an IVA for the right reasons at the time, but are now finding it a bit restrictive, and would prefer to clear their IVA and not have someone looking over their shoulders all the time!

 

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IVA's help clear the bulk of your debts in one fell swoop, and that can be a breath of fresh air at the time. But circumstances change, perhaps you want to move to a bigger house, or your partner wants to start working, or perhaps even you are just finding the monthly outgoings too tight leaving you struggling month to month? whatever your situation, we can help get you clear of your IVA by remortgaging your property. 

 

Your enquiry will be treated strictly confidential - no employers or neighbours will ever know your circumstances.

 

IVAs Explained

2006 saw a record number of people falling into insolvency in the UK, with figures reaching around 110,000. Research published in January 2007 claims almost 30,000 people in the UK will become insolvent in the first quarter of this year and as a result, 10,000 people will go bankrupt or enter an IVA (Individual Voluntary Arrangement).

 

With debt in Britain seemingly spiralling out of control, UK IVA Explained aims to provide you with information and guidance on IVAs - what IVAs are, how they work, pros and cons of an IVA and much more. IVA stands for Individual Voluntary Arrangement. It is an arrangement that an insolvent person has agreed to enter into between him/her and the organisations they owe money to. The arrangement results in reduced payments in order to pay off part of the money owed and usually, after 5 years, the remainder of the debt can be written off. In order to enter into an IVA a person has to be classed as insolvent, which means they are unable to pay debts due to having more liabilities than assets. Normally a person will have to be classed as having a significant debt problem (debts over £10,000). From being insolvent a person (or business) needs to take action. This could be to consolidate debt, arrange an IVA (individual voluntary agreement), or become bankrupt. During the 5 years that debt repayments are made, all interest charges are frozen and no correspondence is received from the creditors. You normally deal only with the company involved in setting up the IVA, which has to be a licensed professional. If you own your own home you may have to release equity by remortgaging or taking out a secured loan on the property. An IVA is an agreement between you and your creditors that is legally binding and gives you the opportunity to protect important assets, such as your home. An IVA is different to bankruptcy and is designed to avoid some if the stigma and issues that surround bankruptcy. However, an IVA should not be seen as an easy option.


 

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An Individual Voluntary Arrangement brings a significant number of advantages over other debt consolidation solutions and bankruptcy. These include:

  • An IVA results in you having one lower monthly payment rather than a number of them.
  • The opportunity to write off a substantial part of your debt.
  • The monthly amount you pay is calculated on what you can afford to pay i.e. depending on your income and outgoings.
  • Interest and charges on your debt will be frozen so your debt cannot increase during the period of the IVA.
  • With an IVA you can safeguard against losing assets such as your property.
  • The IVA is legally binding so your creditors cannot change the terms of the agreement and are not allowed to contact you directly during the IVA period.
  • There are no hidden fees with an IVA.
  • Unlike bankruptcy an IVA is not advertised.
  • A very simple IVA could be completed in 6 months and can last for up to five years.
  • You can continue to run your own business and continue as a company director when you enter into an IVA.

IVA Disadvantages

There are some disadvantages of reducing your debt through an Individual Voluntary Arrangement (IVA). These include:

  • The debtor must have significant unsecured debt to qualify for an IVA.
  • You must have a suitable income or be in full time employment in order to be able to make the regular payments required for the IVA.
  • You are not protected from bankruptcy if you fail to keep to the terms of the IVA, and in particular if you miss payments.
  • If the IVA fails and you fall into bankruptcy the costs of the IVA will be added to your overall debt.
  • To gain approval, creditors representing more than 75% of your debt must vote in favour of the IVA proposals.
  • All IVAs are recorded in a public register and could affect your credit rating and chances of borrowing money in the future.
  • If you enter into an IVA and get a sudden windfall e.g. a win on the lottery, you will be required to pay the money owed to your creditors.
  • If you work overtime and earn extra income you may have to divide up the money 50:50 between you and your creditors. There will usually be clauses about this in the Individual Voluntary Agreement.
  • You are required not to obtain further credit during the 5 years under the terms of the IVA.

IVA Payments  

Iva information

When debtors propose an IVA to their creditors, they offer to re-pay a percentage of the debt via monthly instalments. The sum suggested is based on what the debtor can afford to pay.

This means that the monthly debt re-payments vary on a case-by-case basis. They depend on what assets the debtors have and how much money they have available after their living expenses have been deducted from their monthly income.

However, there does tend to be a minimum amount that creditors will accept as part of the IVA proposal. An IVA is usually rejected if it offers to pay the creditors less than 20-25% of what they were originally owed.

 

Changes to Your Circumstances
During your IVA regular reviews of your circumstances and ability will be undertaken by the IP to maintain your monthly payments. These are normally conducted once a year. If during these reviews, it is agreed that your circumstances have not changed, then you will continue to make your monthly IVA payment as normal. If however, your circumstances have changed for the better, you may be asked to increase your monthly payments accordingly. If during the period of your IVA your circumstances change for the worse and you cannot maintain the agreed payments. In these circumstances, the IP can ask your creditors if they will agree to vary the terms of your proposals. If up until that time, you have maintained your payments without problem, your creditors may be mindful to accept such changes.

Failure to Maintain the IVA Agreement
If you fall into difficulty and are unable to make the payments to your IVA (e.g. you lose your job), it is possible to agree a payment holiday with the IP. The months which you miss will normally be added to the end of the agreement.

NB: If you are unable to re-start your payments at all, it is likely that the IVA will fail. Your creditors will then be able to take other action against you and alternative arrangements must be made.

 

IVAs Versus Bankruptcy

Individual Voluntary Arrangements (IVAs) were introduced by the Insolvency Act of 1986 as an alternative to bankruptcy.

I

Social Stigma

Unlike Individual Voluntary Arrangements, there is a real social stigma associated with bankruptcy and they cannot be kept private because they are always advertised publicly. The bankruptcy announcement is usually published in your local paper along with your name, address and occupation.

However, an Individual Voluntary Arrangement is a private agreement with your creditors.

This means that no-one outside it needs to be told about the Individual Voluntary Arrangement and so there won’t be any publicity in your local papers.

 

Professional Disqualification

If you are made bankrupt, then you are not allowed to be involved in promoting, forming or managing a company without the permission of the court.

However, if you set up an Individual Voluntary Arrangement, your professional or employment status will not be affected.

Moreover, you can continue to run your own business and act as a director.

Public Office

If you file for bankruptcy then you are not allowed to hold certain public offices. However, your right to hold public office is not affected by your having set up an Individual Voluntary Arrangement.

Costs

Bankruptcy proceedings are more costly for the debtor and creditor than Individual Voluntary Arrangements.

Assets

If you are made bankrupt, then all of your assets will be vested in your trustee and might have to be sold to repay your debts. However, with an Individual Voluntary Arrangement, you can keep your assets.

 

Other Benefits of Individual Voluntary Arrangements

 

  • Up to 75% of your debt can be written off with an Individual Voluntary Arrangement.

 

  • With an Individual Voluntary Arrangement, you make monthly repayments according to what you can afford.

 

  • Your creditors cannot harass you whilst the Individual Voluntary Arrangement is in place.

 

 

Individual Voluntary Arrangements represent an excellent way to clear your debts and to make a fresh start.

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