Taking out an individual voluntary arrangement is obviously not a decision to be taken likely but where spiralling debt is concerned, it is often the best solution to regain control of your finances.
Before opting for an individual voluntary arrangement, it is important to be in possession of all the facts about them and know what they can do in terms of restructuring the finances of those in debt.
Individual Voluntary Arrangement – How To Make Them Work For You
When someone is in debt and there doesn't seem to be a solution it can be a worrying period. However, an individual voluntary arrangement may just be the antidote to the poison of debt. Before taking this step, however, there are a number of questions you should ask yourself to establish whether an individual voluntary arrangement is right for you:
Why Should I Choose An Individual Voluntary Arrangement?
A good question. An individual voluntary arrangement is a good choice for those in insurmountable debt as it avoids the need to file for bankruptcy. An additional benefit of the individual voluntary arrangement is that it allows the individual to be free of debt within 5 years. Something that debt management plans are generally unable to guarantee.
Am I Eligible To Apply For An Individual Voluntary Arrangement?
There are a number of criteria that will need to be met to be eligible for an individual voluntary arrangement. Typically this will include being classified as insolvent, having a significant debt (usually at least £15,000) with at least 3 separate creditors, being able to repay at least £200 a month and having a steady source of monthly income.
Will An Individual Voluntary Arrangement Clear All My Debts?
Yes. If you complete your individual voluntary arrangement successfully, you can become free of all your unsecured debt. To do this, you will need to maintain regular monthly repayments for the duration of your individual voluntary arrangement. You will also need to liaise closely with the IP in charge of the individual voluntary arrangement and change the payment plan if necessary. So, if you find yourself facing insolvency in 2008, make sure you are aware of what a individual voluntary arrangement can do for you.
Talk To Varden Nuttall About Individual Voluntary Arrangement
Varden Nuttall has been established for over 15 years and is dedicated to helping people in financial difficulty find a debt management solution through an Individual Voluntary Arrangement (IVA). Employing 90 people, including trained and skilled IVA administrators, we are one of the largest IVA companies in the UK and handle over 3% of all IVA applications. To find out more about the company, or to make an appointment to talk about putting an IVA in place, call us today on 0800 031 9802 or fill in our online enquiry form.