Individual Voluntary Arrangements
Let us manage your debt.Individual Voluntary Arrangements can be a very good way to get rid of your debt. Unlike other insolvency consultancies we only put you forward for an Individual Voluntary Arrangement if we believe it is likely you will be accepted.
Typically, payments are made over a 60 month period and up to 75% of your debts could be written off, alleviating the stress of owing large amounts of money.
The monthly amount that you pay is calculated by taking your monthly income and deducting household expenses.
No deduction is made for unsecured debt repayments as these are not directly paid under Individual Voluntary Arrangements. The amount left over is what you can afford to pay, not what your creditors are asking for as monthly payments.
If you have been worrying about creditors taking court action, you can rest easy once you have entered the Individual Voluntary Arrangement as creditors are prevented from charging further interest or taking Court action. In fact you will be relieved to know that your creditors will NOT contact you again once the agreement has been set up. The only person who will contact you is US.
Individual Voluntary Arrangements are only suitable for those with debts in excess of £15,000.
At Straightalkdebt we ensure that an Individual Voluntary Arrangement is a TAILORED solution to your financial problems. We will need to fully understand your particular circumstances before we can advise you of any specific solutions. Sometimes, Individual Voluntary Arrangements do not necessarily extend to 5 years and may involve a lump sum payment if that is appropriate.