An Individual Voluntary Arrangement is a legal agreement reached between you and your creditors. Here at Kensington Financial Management Consultants we act on your behalf to help facilitate this agreement and ensure that the repayment scheme is set at a level which is financially viable for your circumstances.

If you have large level debts, then an IVA can make it possible for you to begin repaying your arrears and take your first steps on the road to financial solidarity, being debt-free.

We have many options available to our clients that will help provide financial freedom. An Individual Voluntary Arrangement (IVA) is a highly viable and effective means of overcoming financial arrears and we help thousands of clients each year address their debt problems through the use of one of our IVAs.

There are many benefits to emerge from an IVA from Kensington Financial Management Consultants. The primary benefits are:

• Your debts no longer accumulate interest and are frozen at the same level to make repayments much more manageable.
• Repayments of debt are laid out in a fixed term and most people find themselves completely debt free in as little as five years (though your credit rating may be affected for up to six years).
• Creditors will no longer pressure you for payments and it becomes illegal for them to do so. We act on your behalf to ensure repayments are met you’ll only deal with us.

To find out how an IVA from Kensington Financial Management Consultants can help you overcome your debt management concerns, just give one of our expert consultants a call on 0800 096 4409 or fill in our enquiry form on the right.

However:

• Failure to adhere to an IVA can result in bankruptcy.
• Homeowners may be required to release equity in the fourth year of an IVA.
• For an IVA to be accepted 75% of your creditors (by debt value) must agree to it.
• There are also restrictions on what expenditure is usually permitted when you are on an IVA. For example creditors will not usually accept extravagant expenditure or anything that could be seen as an unnecessary luxury such as gym membership. There may be individual reasons for such expenditure such as health problems however these are considered on a case by case basis.