What is an IVA?
An Individual Voluntary Arrangement (IVA) is an alternative to Bankruptcy. It is a contract between you and your creditors. The terms of your proposal to creditors may be flexible, but creditors will reasonably expect their prospects of recovering money to be at least as good as in a bankruptcy. Further, they will expect the proposal to contain sanctions (such as a right to bankrupt you) if you do not fulfil your part of the bargain.
White Maund will help you with your proposal to creditors. Your proposal will be voted on by the creditors at a creditors meeting. If the proposal is accepted by over 75% (by value) of the creditors who vote then the proposal becomes legally binding on all creditors notified of the proposal. Once accepted, creditors have no alternative but to stop any further interest and charges accruing on the outstanding debts.
Upon the successful completion of the IVA you will be considered debt free even though you may not have actually paid off all of your debts in full. You will then be free to make a fresh financial start. Call or email us to find out more.