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Money Saving Tip
  When cooking, it is often unnecessary to preheat the oven. For cooking times less than an hour, 5 minutes of preheating will usually do. For cooking times over an hour, there is no need to preheat.
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Money Fun Fact
  If you have three quarters, four dimes and four pennies, you have $1.19. You also have the largest amount in coins, without having change for a dollar.

Source: ourworld.cs.com

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So what is an IVA?

An IVA is a formal and legally binding arrangement between you and the people you owe money (your creditors) to pay them back a percentage (often as little as 30%) of what you owe them over 5 years. It sounds too good to be true to many, although it is now a well established debt solution.

Before you can apply for an IVA you'll need to contact a company that can first access whether it is really the right solution for you. For some, a simpler solution like debt management or a consolidation loan may be better.

If an IVA is really the right option, the Insolvency Practitioner will prepare your Voluntary Arrangement proposal outlining you financial position and what you can afford to repay. To get an agreement to your proposal, creditors that hold 75% or more of your debt must agree. After which, the IVA can go-ahead.

Once in place, you won't have to deal with your creditors at all which for many will signal an end to the calls and letters chasing repayments.

After the final repayments are made on an arrangement, you can start the process of building your credit rating again.

Common Questions:

Q. Does it cost money to arrange an IVA?

A. You should not be charged anything by the company arranging your IVA.

Q. Can I keep my house?

A. You won't be forced to sell your house and your home is protected.

Q. Will friends or colleagues at work fin out I have an IVA?

A. Unlike Bankruptcy, an IVA is not publicized in the papers and they are unlikely to find out.

Useful resources:

Debt Free Direct is one of the largest of the UK's providers of debt solutions to individuals who find themselves in serious debt and in need of help. Debt Free Directs' advice is free as are all the solutions provided.

http://www.debtfreedirect.co.uk

Related IVA Articles:

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