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Individual Voluntary Arrangements (IVA)

IVA's : "Read the small print....." The things they don't want you to know about IVA's .

Question:
Why would you want to spend 5 years making payments and then still have to sell your house at the end of it?

NEWS ALERT

Have you been mis-sold an IVA?

Has your IVA failed?

IVA, Individual Voluntary Arrangements,Individual Voluntary AgreementsIt's true. It's there in the small print. At the end of an IVA you'll probably have to remortgage your house to release equity to pay off the remaining debt. Yes, that's right, you've just spent 4 to 5 years making the agreed payments under the idea that you'll be debt free at the end and then a letter lands on your doorstep saying "thanks, we've got lots of money from you already but your house is now worth X and under the rules of IVA's you've got to give us that equity". Back to square one.

That's how an IVA works and in our experience they are not suitable for 97% of people, a claim backed up by the Financial Times (published February 2nd, 2007).

The Financial Times went on to say that IVA's are being touted on TV as a way to write off as much as 80% of debt. This is complete nonsense and is being investigated by the Office of Fair Trading (OFT). The purpose of IVA's is to be an alternative to bankruptcy without the stigma of it. However, they just aren't suitable for many people and generally are geared towards the creditor, not you.

There's times when an IVA is suitable, and these occassions when they come up mean we will recommend an IVA solution. That's the difference with DCM Money Solutions, we actually work to find the right solution for you.

The best way to find out what is suitable for your circumstances is to get in touch. You'll find we are friendly, professional and ready to help you.

 

IVA Failures

There are an increasing number of people reporting that their IVA has failed, not necessarily because of anything they have done wrong. If you are one of these people then you must get in touch with us sooner rather than later. We are one of the few debt solutions companies that didn't push IVA's from day one which is why you can be sure the advice we give is honest and the best for you. Our reputation is built on success for our clients.

 

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