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Individual Voluntary Arrangement (IVA)
An IVA is a legally binding agreement between you and your creditors. It will usually last between 60 and 72 months or could be a lump sum full and final settlement. The IVA legally writes of any remaining debt and you will be debt free at the end of the IVA term.
- A single affordable monthly payment.
- A fixed repayment period (usually no more than 60 or 72 months) or a lump sum full and final settlement.
- Legally freezes interest and stops creditors taking any legal action against you.
- Letters and calls from creditors and collection agencies will stop.
- All interest and charges are legally frozen so your debt balance will not increase
- Legally writes off any remaining debt at the end of the IVA term.
- Your home is protected from creditors seeking charging orders or bankruptcy and your equity is addressed at the start of your IVA.
- Flexible, to reflect any changes in your circumstances during the term of your IVA.
- 75% of creditors that vote, based on the value of debt have to agree to the IVA
- IVA will be published on the Individual Insolvency Register (England & Wales) or the Register of IVAs in Northern Ireland but removed at the end of the IVA term
- Noted on Credit Reference Agency Files (6 years)
- The Supervisor must be advised of any changes in personal circumstances arising during the IVA.
- Missed payments that are not agreed with your Supervisor can result in the failure of the IVA. It is unlikely and rare, that failure may lead to bankruptcy.
JT Maxwell Limited, Unit 1, Lagan House, 1 Sackville Street, Lisburn, BT27 4AB.
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How long does negative information remain on a credit report?
Most negative information (like late payments) remains on your credit report for six years. Some information remains longer.
A lawsuit or unpaid judgment against you stays on your report until the statute of limitations runs out or for seven years, whichever period is longer.
A bankruptcy filing stays on the report for 6 years, and a criminal conviction may stay there permanently.
Why would my creditors accept an IVA?
In accepting an IVA, your creditors will expect to get a better return than they would from any other reasonable alternative, and your payment proposals will demonstrate this to be the case. Your creditors will also benefit from knowing your IVA will be managed, monitored and supported by your Supervisor during the term of your IVA.
What to do if you’ve been made redundant and in debt
No matter your situation, if you are struggling to make repayments or find yourself in problem debt and are at risk of redundancy then it can be very scary.
When you contact us, one of our specialists will go through the money that you have coming in and going out (household budget) and then prioritise what you need to pay for. Based on how much money you have leftover each month, and whether you think your circumstances are likely to change, there will be a number of options available to you. Our Specialist will talk to you about each of the available debt options in detail, and how each option will affect your own personal circumstances which will help you decide which is right option for you.
Can I protect my house?
An IVA will protect your home and prevents creditors from taking any legal action against you and your property. You do not have to sell your home in an IVA.
Our aim here at JT Maxwell is to help change the perception of our industry. And the reason for this is simple: we passionately believe that the service which we provide is incredibly valuable, not just for businesses, but also in a personal context.
JT Maxwell Limited, Unit 1 Lagan House, 1 Sackville Street, Lisburn, BT27 4AB.
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