An IVA is a great way to get free of your debt and the worry associated with this. If you follow this path you will need to pay less money per month and you won’t have to pay any more interest. You should end up having to pay back less money than what you owe. Here is how you apply for an Individual Voluntary Arrangement.
- You need to fill out an application form and submit all the relevant supporting documents; things like bank statements, pay slips, and so on.
- You will then probably have to have an interview about your application and if you are accepted your case will be taken on.
- Your creditors will be contacted on your behalf and an IVA proposal will be made to them.
- There will also be an interim order issued which will protect you from lenders; this means that they can no longer take legal action against you.
- The creditors are giving the chance to say no to the agreement but it usually will get passed.
- You will then be expected to pay the agreed upon monthly rate; failure to do so will likely mean that you will be declared bankrupt.