Individual Voluntary Arrangements

Many people are struggling with large debts as a result of the current credit crunch. Are you one of them?

An IVA may be the answer to your problems. If you have over £20,000 of unsecured debts and can afford to pay a minimum of £300 per month for a period of up to 5 years (sometimes longer) then you can make an IVA proposal to your creditors, in full and final settlement of all your unsecured debts.
The majority of people want to avoid bankruptcy as it effects are financially crippling not only for the period of the bankruptcy but far beyond in the terms of credit rating.

In some cases bankruptcy can only be the best advice but a different debt solution is the IVA which was introduced as an alternative to bankruptcy by The Insolvency Act 1986.

MFA Chartered Accountants and Insolvency Practitioners based in Fareham, Hampshire, located on the M27 corridor between Portsmouth and Southampton,also covering Portsmouth, Southampton Havant, Locksheath, Petersfield, Waterlooville, Horndean, Titchfield, Lee-on-Solent, Emsworth, Park Gate, Warsash  and all surrounding areas. Michael Fagelman is the qualified and licensed insolvency practitioner

A detailed overview of an IVA (Individual Voluntary Arrangement).
An IVA is highly regulated by an Act of Parliament and is less likely to be open to abuse by those who offer this service.

Only aLicensed Insolvency Practitioner, belonging to a recognised professional body, can act as your Supervisor.

The IVA is not advertised in any newspaper unlike a Bankruptcy Order.

A private contract, commonly known as a proposal, is written on your behalf to deal with claims of unsecured creditors in accordance with the Insolvency Act 1986.

After the preparation of the proposal an Interim Order of the Court can provide creditor protection from debt enforcement and bankruptcy

All unsecured creditors to whom the proposals have been sent, are bound by the Arrangement, even if they do not agree to the proposal, if more than 75% of your remaining unsecured creditors agree to the proposal.

When the proposals are approved interest on debts normally cease from that date.

Those creditors who are bound by the proposal cannot petition for your bankruptcy in relation to the debts in the Arrangement and also agree to waive the balance of their debt when the Arrangement has successfully been concluded.

To see if an IVA is right for you please read the PDF booklet, Is A Voluntary Arrangement Right For Me? If you still have any queries, please do not hesitate to ring Michael Fagelman for a free and confidential discussion to determine your suitability for an IVA.

For further information contact MFA Chartered Accountants and Insolvency Practitioners based in Fareham, Hampshire and covering , Portsmouth, Southampton, Havant, Locks Heath, Petersfield, Waterlooville, Horndean, Titchfield, Lee-on-Solent, Emsworth, Park Gate, Warsash  and all surrounding areas.