FREEMAN & JONES, PLLC
WEST PALM BEACH, FLORIDA

An IVA is designed to help you clear all the unsecured debts you can't afford – such as personal loans, credit and store card debts. It'll have an impact on your credit rating, but can help you avoid bankruptcy, as long as you uphold your side of the agreement. An IVA normally lasts for five years, during which time you will make an agreed monthly payment towards your debt. Providing you stick to the terms, you'll have settled those debts at the end of your arrangement. There is a risk of bankruptcy if you don't stick to these terms and your IVA doesn't succeed. But we work with our clients to ensure their IVA is suitable for them and sets them payments they can afford, which helps them make all their payments. Say you were hit with some serious expenses that meant you couldn't afford your IVA payments for a few months. Remember your IP is there to negotiate with your lenders and try to find a way to make sure your IVA succeeds. Rather than let it fail, your lenders might simply let you take a 'break' in your payments - so if you couldn't afford your payments for three months, for example, you'd make three more monthly payments after the date your IVA was actually due to finish. If your IVA were to fail, there is the risk that you could be made bankrupt, so your IP is there to help make sure that doesn't happen. In general, people with a reasonable amount of disposable income may be better off considering an IVA if they own property and can commit to making regular payments for the next five years. This is vital, as there is the risk that you could be made bankrupt if your IVA were to fail. Your home will never have to be sold although you might have to release some equity from your home if you're a homeowner, so you can pay more in to your IVA, and your IVA's impact on your credit rating might mean a new mortgage is harder to find (and potentially more expensive). If you can't release equity, you might have to make up to 12 more payments into your IVA instead. However you'd be very unlikely to have to sell your home in an IVA as long as you keep on making your mortgage payments. If you entered bankruptcy, on the other hand, you'd have to release any equity over £1,000 - and you might be forced to sell your home. If you failed to meet your IVA commitments, you could be at risk of bankruptcy, so it's good to know that your IP can support you in making changes. We're specialists in Individual Voluntary Arrangements (IVAs). Our qualified, licensed Insolvency Practitioners (IPs) are supported by highly trained staff, dedicated to helping you all the way through your IVA. Your IVA Advisor is there to make sure your IVA is set up accurately and successfully. Our advisors will support you through the process of setting up your IVA and will liaise with your creditors on your behalf. They'll also answer any questions you may have, making sure you understand exactly what you need to do to make your IVA a success. Our IPs are all members of the Association of Business Recovery Professionals (known as R3). They're licensed by the Insolvency Practitioners Association (IPA). Our own dedicated Relationship Managers are there to answer your questions, give advice, provide a helping hand and complete regular reviews of the IVA, helping to ensure it runs smoothly all the way through. Professional Indemnity Insurance is provided by AIG Europe Limited, the AIG Building, 58 Frenchurch Street, London, EC3M 4AB. We're proud of the way we work, the training we provide, and our employees' commitment to good causes. As part of Think Money Group, we've received recognition for these things on many occasions. Each month 1000s of people are benefiting from our help , an independent service set up to help people manage their money. Each month 1000s of people are benefiting from our help , an independent service set up to help people manage their money. We can answer your questions. We've been helping people tackle their debts with IVAs since 2003 - and all our Insolvency Practitioners are members of the Association of Business Recovery Professionals (known as R3). Whatever you need to know, we can help. Each month 1000s of people are benefiting from our help , an independent service set up to help people manage their money. Each month 1000s of people are benefiting from our help , an independent service set up to help people manage their money.