IVA London
IVA London offers free debt advice on IVAs
An Individual Voluntary Arrangement is a legal agreement. Normally 60 months in length (varies dependant on your own situation).
You pay a monthly amount based on your affordability, not based on what creditors demand from you each month.
Creditors, along with yourself are bound to the Agreement by Law.
Will my IVA proposal be accepted?
An IVA is the lesser of two evils for creditors. If you go bankrupt, the creditors will receive hardly any payment if anything at all. Taking that into account, although your creditorswill lose money in the IVA, the amount they receive is usually always higher.
Action Today has a proposal success rate of over 90%. We will only put you forward for an IVA if your financial circumstances show you can afford the repayment and that you fully understand your commitments.
We are so confident in our service and success rate that if the IVA failed at the creditors' meeting, we will re-pay any funds paid by you.
We will endeavor to fix any problems that may come up whilst drafting your IVA.
We will provide regular updates on the progress of your IVA application.
You will be allocated a case administrator whowill deal with your case from start to finish. We are not a call centre and excell in giving a friendly reliable service to our customers.
The IVA success could be affected by the company that puts forward your IVA. Rest ussured that Unity have good relashionships withnational accountantsand others who vote on behalf of your creditors.
What is an IVA going to cost?
Insolvency Practitioners have different ways of charging for their services. Although IVAs are not free,we simply include the fees in your monthly payment plan.
Example: Customer has debt of £30,000. He is single and not a homeowner. He can afford to pay £300 each month. Over the IVA period he will pay back a total of £18,000.
The IVA will 'write off' the balance of debt. Our fee is taken from the £18,000 paid before distributing to creditors.
Should your circumstances change whilst you are in an IVA, we will do our very best to renegotiate amendments with your creditors to ensure your IVA has every chance of reaching a satisfactory conclusion.
Will an IVA affect my credit rating?
Your credit rating will be affected for six years from commencement of the IVA. You would find it hard to obtain further credit. The IVA however will not stop you from obtaining a mortgage.
Credit reference agencies hold a copy of your credit report. Once the IVA is complete we will provide areport proving the IVA has ended. You can then send this to Equifax and Experian who will then put a satisfied mark on your credit file.
Can I have a bank account when in an IVA?
You can open a bank account without an overdraft facility. If you have a loan or credit card with a bank and you also bank with them, we advise you to change banks. This reduces the risk of the bank taking your income after you are paid (if behind on a loan or in the overdraft).
Can I do a London IVA with my partner?
A joint IVA in London can be done for both partners, married or common law.
Will an IVA stop creditors from hassling me?
Once the IVA has passed the meeting of creditors and is in place, the creditors can not contact you by law.
During the setup of your IVA you may have calls and letters from your creditors. We ask that all letters are sent to your case advisor who in turn can contact them directly for you.
If the IVA fails then creditors have the right to pursue you for payment.
To find out if you qualify, or for general help and advice in London, please call us on 0800 092 6350.