What is personal insolvency support?
If you’re an individual in need of help with paying off some or all of your debts, our personal insolvency support service can help. There are a number of personal insolvency tools which you can use to get on top of your financial situation – and Maxwell Davies can help to steer you in the right direction. Our personal insolvency support is tailored to you. Get in touch today to talk through your options.
Individual Voluntary Arrangement (IVA)
An Individual Voluntary Arrangement (IVA) is a type of debt solution that’s offered to individuals who have been having trouble repaying debts for a long time. Here’s how an IVA works: you agree to pay a set sum each month over the course of a agreed timeframe – normally between 3-5 years. Once the term of your repayment term is over, your debt will be paid off, even if you haven’t repaid the full amount.
An IVA will only cover unsecured debts. Things like your mortgage or car loan won’t be included. Here’s what an IVA can include:
- Rent arrears.
- Overdrawn bank accounts.
- Credit cards and store cards.
- Unsecured personal loans.
- Unpaid medical, legal and accounting fees.
Deciding whether personal bankruptcy is the right course of action can be tricky. It’s important to explore your options beforehand by talking to a qualified debt counsellor, like the ones you’ll find at Maxwell Davies. We’ll be able to offer impartial and confidential advice about your current financial situation, and take you through the steps you’ll need to take to pursue individual bankruptcy.