An IVA is a legally binding agreement between an individual and their creditors. It is often in the best interests of the creditors and can allow an individual to continue in their profession and remain as a director of a company.
The individual proposes an agreement with their creditors, detailing how their debt is to be repaid. The IVA proposal will be based on the level of debt the individual can reasonably afford to pay over a given period and may provide for partial or full repayment.
The IVA requires the approval of at least 75%, in value, of the voting creditors. If approved, the IVA will bind all creditors who were entitled to vote.
RG Insolvency are experienced in providing you with practical advice on proposing a viable IVA, which usually involves a monthly contribution over a given period, typically 5 years.
RG Insolvency will assist you in the preparation of all documents and deal with your creditors directly.
Call us now on 020 3603 7871 to discuss your options