Debtfree-iva.co.uk – How do we do it?

Once you have spoken to one of our friendly, professional advisors at Debtfree-iva.co.uk we will be able to establish if an IVA (Individual Voluntary Agreement) appears to be the most appropriate course of action we will prepare a proposal and write to your creditors.

Our in depth proposal will include details of all your assets and creditors, plus details of your income and expenditure, etc. If an IVA is not appropriate we are also in a position to help you via our strategic partnerships, be it remortgage, consolidation loan or debt re-structure program.

If any of your creditors are becoming particularly threatening and any form of court proceedings have been started against you we can obtain an Interim Order from your local County Court, which will then prevent any further legal action until your creditors have voted to accept or decline our proposals. In order for the Individual Voluntary Agreement to be approved you will need 75% of your creditors (based on 75% or more of the total amount owed) who vote, to approve our proposal.

Your creditors may seek to modify your proposal as once the IVA is approved you should not hear from your unsecured creditors. Debtfree-iva.co.uk will supervise your arrangement and then liaise with your creditors on your behalf, in effect acting as a barrier between you and your creditors.

At the end of the IVA as long as you have paid the agreed repayments, a final report is sent to your creditors after which they have no reason or obligation to contact you whatsoever.

If the agreed repayment of your debt is 25% of the overall amount you have borrowed, Debtfree-iva.co.uk will then negotiate that your creditors will then write off the remaining 75% of your debts.