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Individual Voluntary Arrangement advice from HJS Recovery. FREE help for individuals, 100% confidential.

Is your personal debt mounting up? Are you looking for options to make your personal finances more manageable? Are you concerned about your level of debt and how to reduce it?

The team at HJS Recovery have been supporting individuals in distress about their personal finances for over 25 years. Talk to us today to review your options and put a positive plan in place to better manage your debt in the future.

Individual Voluntary Arrangement (IVA)

An Individual Voluntary Arrangement, or IVA as it’s commonly referred to, is a legally binding agreement between you and your creditors whereby you agree to pay a monthly sum that you can afford for an agreed period, normally 5 years. In return for your commitment to pay the agreed sum, the remaining debt is written off.

When entering into an IVA a detailed proposal is prepared and sent to your creditors.  If 75% of those who vote, agree to the proposal, then all your creditors will be bound by it.

HJS Recovery’s licensed Insolvency practitioners are then appointed as supervisors of the IVA.

Limitations of an IVA

An IVA will help release financial tension, and ease the pressure from your creditors. However you should be aware that whilst in an IVA, you will be restricted in the following ways:

  • Your ability to obtain credit is strictly limited
  • You will have a poor credit rating during the IVA, and for at least 12 months after the IVA
  • If you default on your payments, this can lead to bankruptcy
  • If you have equity in your home, then creditors may ask for this to be released to pay off some of the debt.

An IVA can be a very effective tool in helping you overcome your personal financial burdens. The proposal has to be representative of your situation and realistic in terms of what you can afford. HJS Recovery will be able to advise you if this is the best option for you.

 

Contact HJS Recovery today to learn more

As an individual concerned by the state of their personal finances it’s important to remember you are not alone and help is available. Whatever your situation HJS Recovery will help you to find the right solution for your individual circumstances. Call us today on 0800 0141 130 to take the next step.


Contact us today for FREE to learn more about how we can help you and your business.

We have a team of advisers who have helped hundreds of businesses around the UK that have faced financial pressures on every scale. You are not alone.

Call us free and in confidence on 0800 0141 130 and together we will sort things out.