Not many moons ago the term Individual Voluntary Arrangement, or IVA would have been like speaking a foreign language to alot of people. Nowadays people are more familiar with the term.
There would also have been a time when there were not many IVA companies around, however now, the number of companies offering Individual Voluntary Arrangements have grown dramatically.
An IVA, originally an alternative to bankruptcy and is a legally binding agreement between you and your creditors which allows you to pay off an agreed percentage of your debt over 5 years. Once the period is over, you are debt free.
There is growing concern that some firms may be suggesting IVA’s as a solution when infact, an IVA is not suitable.
Most firms will charge an administration fee when setting out proposals to offer creditors when applying for an IVA.
Perhaps this has encouraged some companies to offer an IVA to people as they will still get paid whether or not the IVA was accepted. The loser of course is the client.
Because of this, consumer groups have called for more protection for people (and themselves) when it comes to an Individual Voluntary...
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