Individual Voluntary Arrangements (IVA’s)
Be debt free with Individual Voluntary Arrangements (IVA's). Central Finance & Property Ltd acts as an introductory agent to Direct Debt Advice who specialise in the orderly write off of debts through Individual Voluntary Arrangements (IVA's).
As Licensed Insolvency Practitioners in the UK they are able to write off up to 75% of customer's debt. This level of debt write off can then make remaining debts much more affordable.
Type I: Poor credit history
- Tenants or homeowners
- Customers with poor credit histories
- Unable to obtain a mortgage or loan due to poor credit quality
- Unable to flex their income to improve their finances
- Unsecured debts in excess of £15,000 with a regular household income
Type II: Changed circumstance
- Tenants or homeowners
- Customers experiencing a change in circumstance resulting in lowered income and chronic debt burden
- Able to obtain finance but reluctant to proceed as costs and benefits will not materially improve their cash flow
- No obvious ability to increase income to support repayments
- Unsecured debts over £15,000 with a regular household income
Type III: Chronically over borrowed
- Tenants or homeowners
- Customers with poor money management skills who have become significantly over borrowed
- Using credit cards or smaller personal loans to support basic personal expenditure
- No obvious ability to increase income to support repayments
- Unsecured debts over £15,000 with a regular household income
The process that Direct Debt Advice takes you through is as follows...
Step 1 - Assessing customer debt and suitability (Day 1)
Before Individual Voluntary Arrangements can be offered, they review your income, expenditure, level of debt and assets. This allows them to determine whether they can negotiate a debt write off solution with your creditors.
Step 2 - Draft proposal (Day 5)
If they can write off part of your debt they draft an initial proposal. This identifies the debt write off proposal they will put to your creditors. This is submitted to all your creditors but only when you are happy with the proposal.
Step 3 - Agreement of Individual Voluntary Arrangements (IVA's) (Day 33)
The basis of their conversation with your creditors is the proposal they circulated to you first. The outcome of this stage is a vote to approve, decline or accept the proposal with modifications. This outcome is then communicated to you as an Individual Voluntary Arrangement (IVA).
Step 4 - Supervision (Day 33)
Once the Individual Voluntary Arrangement is agreed they take a single payment per month from you and pay it to your creditors. This continues for the term of the IVA which can be anywhere between 12 and 60 months.
At the end of this period you are entirely debt free!!!!
To apply for an IVA or discuss any of the above in more detail please contact the offices of Central Finance & Property Ltd directly by phone or e-mail.
Alternatively complete an on-line enquiry form as fully as possible and forward it to the offices of Central Finance & Property Ltd.
Central Finance & Property Ltd does not charge a fee may be payable to the lender for this service.
IVA's are not regulated by the Financial Services Authority
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