Individual Voluntary Arrangements
I just cant cope with my business and personal debts. I have built up debts with HMRC, my bank and have now maxed out my credit cards I am looking at a Debt Management Plan, IVA, Debt Management Order and possibly Bankruptcy - I need some professional, friendly and free advice!
Being in debt can be hell, and being in debt can suck the joy out of life. Don’t get us wrong debt can be great, when it is well managed and affordable it allows us to make important purchasing and investment decisions. The problem is too much debt is debilitating and leads to stress, illness and family breakdown.
We have clients phoning us who are at their wits end, working long hours and trying to cope with repaying too much debt. Things get so bad they refuse to answer their phone frightened that the credit company or debt recovery agent will be making demands they know they will never be able to meet.
What is an Individual Voluntary Arrangement?
An individual voluntary arrangement (IVA) or VA is a formal insolvency process that helps an individual resolve significant debt whereby a deal with the unsecured creditors is proposed to repay the debt over a maximum of five years. The key advantage of an IVA is that it normally involves a substantial discount on the original debt of up to 80 %.
IVAs can be used as an alternative to personal Bankruptcy and are particularly suited to deal with sole trader businesses suffering financial distress.
Voluntary arrangements are:
Intended to encourage creative, flexible and practical ways to avoid liquidation or bankruptcy
They encourage creditors to work with you to everyone's benefit
They allow a period of protection to implement improvements to business of personal cash flow
Losing your home and bankruptcy are not inevitable with insolvency - even where your liabilities are considerably more than your assets. As experienced insolvency practitioners, we can often persuade creditors to agree a practical and achievable individual voluntary arrangement (IVA) or debt management plan
. No more nightmares, just realistic help to get you back on track
At 4r Business Recovery we are in the business of second chances and we work on a one to one basis with our clients to ensure they get expert advice and options to get back in control of their finances and start living there life again.
We offer expert help from someone on the outside but someone to talk to that understands what you are going through and the whole process of restructuring your personal debts.
In addition to Individual Voluntary Arrangements we will be able to advise you on Personal Guarantee Debt Obligations, Debt Management Plans, Debt Management Orders and of course ultimately Bankruptcy, as well as being able to advise you of what to expect next at every step of the way so phone us today and start sleeping at night again.
You can trust us with your financial problems and we will always give you impartial advice that you can rely on so get in touch today
on 0800 0385 140 to find out more. The best news is that we will even advise you completely free initially to get your problems resolved as quickly as we can.