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Individual Voluntary Arrangements (IVAs)

Living with debt can have more than just financial implications. Do not ignore your financial situation; speak to Lance Mason today and we will take you through all your debt management options.

What is an IVA?

An Individual Voluntary Arrangement (IVA) is one option for addressing and dealing with your financial debts. It is a formal, legally binding arrangement with your creditors and will help you pay off your debts over a period of five years. Many choose IVAs over declaring bankruptcy as there is considerably less stigma attached and you can keep your financial status more closely guarded. The types of debts IVAs cover include credit cards, overdrafts, personal loans, building society loans and store cards.

In order to arrange an IVA, you must agree on the terms with your creditors and then the arrangement must be formalised by the court. You may be suitable for an IVA if:

  • You have unsecured debts of over £20,000
  • You have spare income of a minimum of £100 a month
  • You owe payments to two or more creditors
  • You are unable to make payments in the way specified in your original agreement
  • You are a resident in the UK

What are the benefits of taking out an IVA?

  • The interest on your debts is frozen
  • The agreement ensures that you will not be pressured by creditors over the term of the IVA
  • You can avoid legal action being taking against you for failing to meet payments
  • Up to 75% of your debts can be written off

Choose Lance Mason

Our experts can provide reassurance and advice at a very stressful time in your life. Lance Mason will dedicate time and energy to ensure that you gain some peace of mind and fully comprehend all your options.

All our initial advice is free of charge so call us today on 08000 84 2000.

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