Individual Voluntary Arrangements (IVAs)
Northgate will arrange a meeting with your creditors (you may not need to be present) and a solution is offered to them. An Individual Voluntary Arrangement is a legal agreement where you agree to pay back your creditors as much as you can afford.
An Insolvency Practitioner will negotiate with your creditors to find an affordable amount that you can pay back and set up an Individual Voluntary Arrangement accordingly.
An IVA will normally last for 5 years, after which time, provided the agreement has been adhered to, your debt is then clear
Protected Trust Deed? (Scotland)
Under Scottish Law you may qualify for a Protected Trust Deed. The Trust Deed is a legally binding agreement that provides a way to repay your debts. If you do qualify, you could write off up to 90% of the debt and pay the remainder in 36 affordable monthly installments.
Similar to the IVA a Protected Trust Deed is supervised by a licensed Insolvency Practitioner, who is responsible for negotiations with your creditors and ensuring you keep to the terms of the Trust Deed.
Is this right for you?
You may or may not know whether an IVA is the right option for you, so call one of our trained debt advisors who will explain your options to you in a non judgmental and sympathetic way and hopefully put you on the road to a debt-free life.
We could help you
- Reduce your Debt Repayments
- Freeze Interest Rates
- Stop Legal Action
- Give you Free Debt Assessment
- Negotiate with your creditors
- Find the best solution for you
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