What is an IVA?
An IVA (Individual Voluntary Arrangement) is a formal repayment arrangement.
If you are insolvent you will be allowed to apply for an IVA. Being insolvent simply means that you cannot pay your debts as they fall due.
Because of the way creditors vote there are also a few other requirements being:
Debts over £15,000, 3 different creditors (creditors=who you owe money to), and you must be able to pay one payment of at least £200 each month.
(For example IVAs see the bottom of this page under case studies)
There are a lot IVA firms, why should I use McCambridge Duffy?
We have been established for 75 years. We were one of the first companies (if not the first) to offer IVAs so we have probably dealt with every possible situation. Our experience in the industry and the quality of our service is well recognised by the industry. Unlike some other companies we will not charge you if we are not successful for you. This is something we take very seriously and we hate to see anyone being charged for just receiving advice.
BEWARE: There are unregulated firms advertising these services.
If you search the internet you may see a lot of companies promising things like:
up to 75% (or 90%) of your debts written off and £150 per month.
These companies are generally unregulated marketing companies who just want to attract people with what seems like a special offer. The reality is these types of arrangement are not common at all. The creditors have in some cases recently been writting off around 60% of debts*. The success of an IVA proposal is based more on the quality of the proposal and your own circumstances and not whether you were offered a good deal by an unregulated marketing firm.
McCambridge Duffy and its members are regulated by the ICAEW (Institute of Charted Accountants in England and Wales), ICAI (Institute of Chartered Accountants in Ireland). We are also members of R3 (The Association of Business Recovery Profeesionals) and the IPA (Insolvency Practitioners Association).
How can I apply for an IVA?
Call us on 0800 043 3328, email us on debthelp@mccambridgeduffy.co.uk, or fill out this form. We will then advise you on your best course of action.
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