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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.
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