FINANCE SOLUTIONS Finance Restructures Remortgages IVA and Bankruptcy
PROPERTY SOLUTIONS Property Sale Stop Repossessions Sale and Rent back Sale and Buy Back Release equity Chain break
IVA and Bankruptcy .
An IVA is a powerful tool to help you reduce your monthly payments on credit to an affordable level and return you to a clean bill of financial health within 5 years.An IVA should not be confused with less formalised arrangements from debt management companies often advertising in newspapers where your creditors are merely agreeing to a reduced payment plan but are under no obligation legally to stick with any initial arrangement made.
An IVA is a formal legal document where by which all your creditors agree to a payment plan over a 5 year period and providing you maintain the monthly payment agreed, at the end of 5 year period any remaining debt is written off. IVA practitioners need to be licenced to negotiate these arrangements.
An IVA is a useful alternative to Bankruptcy particularly for someone working in an industry where bankruptcy is not an option such as the police force or financial services.
However where a more immediate solution is required and/or a payment plan over 5 years is not an acceptable solution, then our IVA team can also assist you with a bankruptcy arrangement as an alternative to clear your commitments.
See also:
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CASE STUDIES:A client owned a property and had mortgage payments, credit card repayments, and high purchase payments of over £700 per month. They were being threatened with repossession as they could not afford their repayments. We purchased their property cleared all debts and now they just pay rent at £550 per month with option to buy the property back within 5 years.
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A client in her mid sixties owned a property worth 120,000 with no outstanding mortgage. She wanted to release the equity in her home but conventional equity release companies could only release 30% of the value of the house. We purchased the property and gave her 80% of the value and she could rent the property back and had the surety she could buy back the property at any time.
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A couple were in chain of 6 when selling their own house and buying another. Three weeks before they were due to move house their buyer pulled out of the purchase of their property and the couple thought they would not be able to sell their house and move to their new one. We stepped in and purchased their house we allowed them to complete their onward purchase.
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A client owed £69,000 and was under threat of bankruptcy. We arranged an IVA and reduced their monthly payments from £1,675 to just £654. After 5 years, they will have written off around £30,000 of the debt.
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A client owed £143,000 in unsecured borrowing through 19 diffrent creditors. With our help, their monthly payments were reduced from £2,419.20 to just £725.70
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Debt Rescue Agency is a trading style of Connect IFA Ltd which is authorised and regulated by the Financial Services Authority No.441505. The Financial Services Authority do not regulate all the products and services we offer. If you would like to discuss a particular issue or generally ask us how we can advise on your particular situation then please contact us.
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