IVA - How will it help me?

An Individual Voluntary Arrangement (IVA) is a solution available to you if you are struggling or unable to keep up with your monthly debt repayments.

In an IVA you repay a percentage of your debt over a set period of time (usually 60 months). You repay the debt by means of a lower monthly repayment that is designed to be affordable for you and your situation.

On completion of your IVA any remaining debt will be legally written off and you will become debt free.

An IVA is a completely legal process governed by the Insolvency Act 1986. In order to do an IVA you will need the assistance of an Insolvency Practitioner who is the person required to set it up and negotiate with your creditors. We have several Insolvency Practitioners in house at McCambridge Duffy.

How can I do an IVA?

An IVA is only applicable to people in certain circumstances. You must

• have debts over £10,000
• show you cannot afford to pay your debts
• owe money to 2 or more creditors (the people you owe money to)
• be able to make a payment each month that you can offer to your creditors (after essential living expenses and excluding any current debt payments)

Every IVA is unique and individual. It depends on your employment status, income, expenditure, amount of unsecured debts, number of creditors and even your current situation regarding your everyday living. Repayments to the creditors are established by analysing all these factors and coming to a legally binding contract/agreement on the monthly repayments.

Please note: Some companies charge upfront fees for setting up your IVA, which will incur additional costs for you (sometimes £100's) and also slow the process of setting up your IVA. We believe this to be highly unethical. Therefore, WE DO NOT CHARGE UPFRONT FEES which saves you money AND speeds up the process of your IVA.

IVA Advantages

• 1 affordable monthly payment
• An IVA offers you protection from creditors.
• Creditor pressure stopped as creditors must deal with us.
• Can be complete in as little as 1 year if you can offer a lump sum payment.
• All interest frozen immediately.
• Suitable for tenants or homeowners, individuals or couples, and even business owners
• Unlike some of our competitors, we do not charge any upfront fees, saving you £100s..
• We can setup an IVA in as little as 4 weeks.

IVA disadvantages

How does McCambridge Duffy's IVA service work?

Step 1: When you contact us we will run over your situation with you.

Step 2: We will then, with your agreement, start work on your IVA case. Our Insolvency Practitioners will nominate your case, meaning that they think an IVA is the best solution for you and that there is a high likelihood your creditors will accept your IVA.

Step 3: Once this is done your proposal will be drawn up based on your information. These enable you to offer the best form of repayment that you can.
An IVA is normally made up of 60 monthly payments, but could be a lump sum IVA, depending on your circumstances.
At McCambridge Duffy we will be there for you throughout the duration of your case so if you have any questions at any stage just call your case officer.

Step 4: Once all has been agreed with you, a copy of your proposal is sent to your creditors. We then gather their votes to accept or reject the proposal.
If more than 75% (by debt value) accept, then your IVA is approved, and your payments can begin with your confirmation. It's as simple as that. If you decide to proceed, we will contact all of your creditors and arrange your new payment terms with them. We will remain with you at every stage throughout your IVA, should you need to contact us.

All communication with your creditors can be done through us.
You will not be pressured into any solution, which does not suit you. Anything discussed is done so in total confidence, is a free service and is with no obligation.

1: If the above sounds similar to your situation... then don't wait. Do something about it as soon as possible and get in touch with us at McCambridge Duffy.

2: If the above doesn't sound like you... then feel free to contact us for some free advice on what other debt solutions or a debt management plan may be suitable to you.

Fees for IVAs

1: We do not charge upfront fees for drafting and submitting your IVA Proposal. We only put an IVA case forward if we believe it will be a successful one for both you and your creditors. If however, in the event that your IVA proposal is unsuccessful, then you will not be charged a penny.

2: The fees for an IVA are all set by the creditors (no matter which provider you use), so if your IVA application is successful, the only thing to worry about is whether you have chosen the right Insolvency Practitioner.

3: All fees are taken out of your affordable monthly payment so you will never be asked for additional fees or receive a bill from us.

4: We are the longest established IVA provider in the UK and have thousands of happy clients. We also have one of the highest success rates in the industry.

5: We have 4 full time highly regulated Insolvency Practitioners giving us a wealth of experience and knowledge (most other providers have just 1 or 2), so we have probably seen all possible circumstances.

Call us now on 0800 043 3328 or read on to find out more...