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IVA Formal Debt Solution
IVA or Trust Deed in Scotland is a formal court considered and approved debt solution for debts in excess of £20,000
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IVA means for Individual Voluntary Arrangement. It is an arrangement that an insolvent person has agreed to enter into between him/her and the organisations they owe money to. The arrangement results in reduced payments in order to pay off part of the money owed and usually, after 5 years, the remainder of the debt can be written off.
In order to enter into an IVA a person has to be classed as insolvent, which means they are unable to pay debts due to having more liabilities than assets. Normally a person will have to be classed as having a significant debt problem (debts over £15,000). From being insolvent a person needs to take action. This could be to consolidate debt, enter into a debt management program arrange an IVA (individual voluntary agreement), or become bankrupt.
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What Is An IVA Or Trust Deed? | |
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A Formal debt plan for debts over £15,000 |
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Plans are approved through the court system |
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Up to 75% of the debt may be written off |
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Usually at least 3 unsecured creditors are required |
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Interest will be frozen for the period of the IVA |
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Usually written over a 5 year period |
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Creditors representing 75% of your debt must agree |
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You must keep up payments or face possible bankruptcy |
