IVAs are legal arrangements between the creditor and yourself. Am Insolvency Practitioner has to look at your case and propose your creditors with a plan concerning monthly, regular payments. A total of 80% of your creditors (this is in direct reference to the total sum of the debt they hold) must agree to this plan. If they agree to the Insolvency Practitioner’s plan then you would have to make payment for up to five years. After this period you will be debt free.
It may be possible to come to terms with one or more of your creditors and make an informal arrangement with them concerning your debt. This may prove difficult to obtain but it’s doable.
You can apply with us for a debt management plan and we will try an negotiate on your behalf to get you reduced payments.
You can get a Form N92 from your County Court Office if the sum you owe totals less than £5,000 and this sum is owed to two or more different creditors and you already have a County Court judgment against you, then you can try an administration order.