How To Settle an IVA

Many people in debt take out an IVA or individual voluntary arrangement in order to ease their financial situation by reducing their overall monthly repayments.

In some circumstances it may be possible to settle an IVA early. If you come into money and have excess cash flow that you previously didn’t have when you initially took out the IVA, it is important that you inform your IVA supervisor. The IVA supervisor will analyse the situation and inform the creditors as they will need to know where the money originates from and that there is evidence that it is available to settle the IVA.

The process surrounding this settlement is called a variation meeting in which the IVA supervisor will call a meeting with the creditors to put forward a new proposal which encompasses the new sum of money acquired for debt repayment. If the creditors accept the new proposal, there is a time limit by which the money needs to be paid, usually around 3 months. Once the creditors have received the funds, the IVA will be complete.

If you are in debt and would like to discuss you options, whether it is an IVA, a debt management plan or bankruptcy, please contact Debt Release Direct on 0800 019 7465.

Debt Release Direct

From time to time, many of us experience problems concerning debt management and find ourselves in need of debt help or simple debt advice. If you find yourself in a similar situation, it pays to speak to a professional, and fast, because getting the right advice and taking action can prevent debt management issues from escalating further.

Debt Release Direct is part of Release Money Group, and ensure suitability of advice by having qualified debt experts available to advise you. For debt help and advice regarding debt management and debt consolidation, Debt Release Direct provide high quality, professional guidance and effective debt management plans and solutions. We are proud of the financial services we deliver; and we're confident that you could benefit greatly from our assistance.

As a founding member of the Debt Resolution Forum (DRF), Debt Release Direct are helping to promote professional debt management standards and are spearheading the adoption of the professional Cert-DR qualification in debt advice. Our debt advice and professional debt services are available through face to face, telephone, or online communication, and our experienced, friendly and helpful team are standing by to provide expert debt management and debt consolidation information; and support you in strictest confidence, with no obligation.

If you qualify to write off unsecured debt in an IVA, we refer you to our in-house insolvency practice Varden Nuttall Ltd, which is the UK's top-rated insolvency practice by customers on IVA.com and in top-3 2010 lists by creditor representatives TIX and KPMG.

Debt Solutions : We Can Offer...

Debt Release Direct is an appointed representative of Release Money Limited which is authorised and regulated by the Financial Services Authority for mortgage and insurance mediation services.

IVAs

  • IVA Advantages
  • Is an IVA right for me?
  • What happens next?
  • How we can help?
Learn More

Bankruptcy

  • Bankruptcy Advice
  • Disadvantages of Bankruptcy?
  • What to do next?
Learn More

Debt Management Plans

  • Is a Debt Management Plan right for me?
  • What are the benefits of a Debt Management Plan?
  • How does a Debt Management Plan works?
Learn More

Trust Deeds

  • Is a Trust Deed right for me?
  • What are the benefits of a Trust Deed?
  • How does a Trust Deed work?
Learn More

Testimonials

  • "I was worried and stressed at first with all the telephone calls and letters I was getting, but now feel like Debt Release Direct has taken the weight off my shoulders. I like the fact that in Debt Release Direct I have always got someone to talk to who puts me at ease"T.V. - Harlow
Debt Release Direct Limited 2011 © Debt Release Direct, Silverpoint, Moor Street, Bury, Lancashire, BL9 5AQ. Tel: 0800 019 7465 Fax: 0844 826 2134
Registered in England and Wales Registration No. 4730443. Consumer Credit License No. 537540. ICO Registration No. Z7848175.
Part of Release Money group
follow us on:
facebook twitter