What is the procedure of an I ndividual Voluntary Arrangement (I VA)? You completeand return bankruptcy-insolvency standard application form together with copiesof all recent bank statements. On receipt of your questionnaireoneof bankruptcyinsolvency consultantswill contact you in order to talk through your application. If bankruptcy-insolvency casemeetstheir standard criteria you will accepted onto theIVA programmeand referred to onebankruptcy-insolvency'spanel members. Thepanel member will now act for you and will then contact all your creditorsinforming them that they are now your legal representative. Based on theinformation provided by you an IVA proposal will bedraughted, thisisa written agreement which setsout theactual termsof theIVA.
Advant ages of I VA
• You may only pay back a percentageof your debts • You only haveto makeonemonthly payment or in somecases, a one-off lump sum • TheArrangement islegally binding so that your creditorscannot changetheir mindsoncethey have agreed • OncetheIVA isin placeyour creditorscannot bring any other action against you aslong asyou maintain your agreed monthly payment • You areableto operatea 'normal' bank account as long asit doesnot havean overdraft facility • No publicity in thelocal papers • It may safeguard for your property
Cont ac t us
Money Advice Direct info@ bankruptcy-insolvency.co.uk Gable House,239 RegentsPark Road London N3 3LF United Kingdom License Number- 592071 Registration number- Z9668806 Phone:0800 074 6918 http://www.bankruptcy-insolvency.co.uk/