Debt Management Solution

What is an IVA/Trust Deed?

An Individual Voluntary Arrangement (IVA) or Trust Deed in Scotland is an arrangement agreed between yourself and your creditors by which you agree to make repayment funds available between the creditors tied by the agreement. This normally involves making monthly repayment to your IVA advisor for a fixed period of time, usually in the monthly basis. In addition, if you have any properties, such as equity in your endowment policies etc, you may also have to make some of the repayments available to your property creditors.

Who can apply for an IVA/Trust Deed?

IVA/Trust Deed is available nationwide depending on which regions you live. IVA is available for those debtors living in England or Wales. If you are unable to repay your debts, you may apply for an IVA. On the other hand for those live in Scotland, you may apply for a Trust Deed. Generally both IVAs and Trust Deeds are awarded to debtors that have debts of more than £15,000 plus with two or more creditors. You may also apply to IVAs even if you are already subject to a Bankruptcy Order. If your IVA is approved, your Bankruptcy will be voided.

What can your firm do for me if I apply for an IVA/Trust Deed?

• Frozen all your repayment interests and charges.
• Stop all legal action against you.
• If you have CCJ's, any of your existing CCJ's will be cancel out.
• Cease summon letters and phone calls from annoyed creditors.
• Provide you a 100% peace of mind, with fresh restart on your financial and give you comfortable nights sleep for a long long time.
• You will repay a low and affordable monthly repayment based on your disposable monthly income.

Additional benefits of an IVA/Trust Deed

• With IVA, you can escape the embarrassment of public announcement that are normally associated with bankruptcy.
• With IVA, a debtor can continue with his/her normal life without interfere, such as to conduct in a business to earn income to repay debts.
• IVA is designed in favourite to debtor's circumstance. You as the debtor can decide which types of your assets are made available to the creditors.
• The overall administration fees of IVA/Trust Deed are much lower than the conventional bankruptcy, therefore enable higher repayments to your creditors.
• Your creditors can claim tax relief against your bad debts.
• The uniqueness of IVA is that although one of your creditors might vote against it, but they are still tied by the agreement as long as 75% of the majority creditors voted agree to it.
• With IVA, you only repay based on what you can afford. Thus, your creditors expect that they will accept a much lesser debt repayments from you.