What are the benefits of an IVA?
If you are suitable for an Individual Voluntary Arrangement then it can provide you with a number of benefits. These include:
- Write off unaffordable debt.
- Reduced monthly payment.
- Interest and charges frozen.
- Typically only 60 months until you are free of unsecured debt.
- No need to worry about calls or letters from creditors, as part of the Individual Voluntary Arrangement they are not able to contact you.
- Legally binding so your creditors can not change their mind once the IVA has been approved.
- Avoid bankruptcy and some of its long term implications.
- All legal action against your debt will stop.
- No risk of losing your assets.