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IVA (Individual Voluntary Arrangement) is a
formal agreement with your creditors, which
can usually clear your debts in 60 months. It is
supervised by our Insolvency Practitioner who
prepares a monthly payment proposal on your
behalf, based on what you can afford. IVA can
be considered in higher debt level cases.
Debt Management is an informal arrangement with your creditors
to pay reduced payments because you cannot afford to pay the full
amount they request each month. The reduced debt management
payments can be arranged by you speaking directly with your
creditors or it can be arranged by us acting as your
Debt Management Company. We will speak to your creditors on
your behalf.
Bankruptcy numbers have risen dramatically
during the last few years. An individual can
declare themselves bankrupt by completing
a Court form and paying a fee. An Official
Receiver is appointed to determine if there
any assets of value that can be realised for
the benefit of creditors.