Crutec

Do you struggle to pay your bills each month? Creditors calling you on the telephone being irate to you about your overdue payment, so you have stopped answering the telephone? Do you avoid getting the mail because your afraid there will be more letters from your creditors? Do you owe your creditors at least £15,000? Do you owe at least two creditors? If this sounds like you then an Individual Voluntary Agreement might be the right choice for you. If you are already in a bankruptcy order you can still apply. The bankruptcy will be voided if the agreement is approved.

When granted an interim order then all legal action you might have against you will stop. The creditors can no longer try to contact you directly. All the charges and interest from your creditors will be frozen. You will finally be able to have a good nights rest. What happens in an IVA is they figure what disposable income you have left after you pay your priority bills, and decide on the monthly repayment amount from that.

The payment will be something you can afford. You do not need to come up with the fees prior, they are taken directly from the monthly repayment. In a case where all of your creditors do not vote for this, they will still have to legally abide by it if at least 75% of value that you owe the creditors voted for it. To find out if this is a right alternative for you, talk with a professional financial adviser.