Individual Voluntary Arrangement (IVA)

For those of you who owe more than £15,000 and are really struggling to meet your repayments then an IVA could be the best way to consolidate your debts without another loan.

Financial Guardian is part of a Group of companies with special authorisation, to help those consumers who qualify, to resolve their debt problems by entering into an IVA.

For those who actually qualify for an IVA, the legislation provides for -:

• A completely private and confidential arrangement without Court involvement.
• A single affordable monthly repayment to get your financial life back on track.
• A total consolidation of all unsecured debts without further loans.
• The complete stopping of any further interest or charges being applied to the debts.
• A maximum period of 60 months before you become completely debt free and the creditors write off the unpaid debt.

An Individual Voluntary Arrangement ( IVA ) is a new legally binding agreement between you and your unsecured creditors. Under the IVA you agree to make a single affordable monthly payment from your family income, in satisfaction of all the debts, for a fixed period of time up to a maximum of 60 months. At the end of the 60 month period all remaining debt is completely written off by the creditors and you are then legally and totally debt free. IVA`s are completely private arrangements – strictly between you and your creditors. Unlike with a bankruptcy situation, no one else need know about your debt restructure via an IVA.

Only a Licensed Insolvency Practitioner such as those with our Group of companies are actually authorised to complete these arrangements. We would work out a proposal with you to ensure that you have sufficient income each month to enjoy a reasonable lifestyle. More importantly we will undertake all the creditor negotiations on your behalf. Once our discussions with you are completed we will then prepare a proposal which is put forward to your creditors and it is our job to obtain approval from them for your IVA.

Once your IVA is approved you will then be legally protected from your creditors taking any further recovery action against you. As long as you continue to meet your obligations under the IVA then you will become legally debt free in 60 months.

One of the vital aspects of thinking about applying to enter into an IVA is to know exactly what type of company you are actually dealing with. There are actually a limited number of Insolvency Practices in the UK and only approximately 1600 actual Insolvency Practitioners. However there are an awful lot of middle companies who normally take an upfront fee from you of up to £1000.

• Always think very carefully before you commit yourself to any particular IVA company.



• Do not sign up with anyone who wants any money from you before your IVA is completed and approved.



• Do not sign up to Direct Debits or Standing Orders or whatever before your IVA is fully approved.