The product (IVA) is covered under the following legislation: The Insolvency Act of 1986 (amended by the Insolvency Act 2000 and the Enterprise Act 2002) introduced a new procedure whereby a debtor could come to an arrangement with his/her creditors to pay his/her debts in full or in part over time as an alternative to bankruptcy. The advisors will assess your financial situation and where you qualify for an IVA (Individual Voluntary Arrangement) advice can then be provided. An IVA is available for people living in England, Wales and Northern Ireland.
Liberty Insolvency Ltd is a subsidiary of PKF-FPM Accountants Limited. We offer IVAs and other Insolvency solutions. On our website you will see information on formal and informal debt solutions. Although we do not offer informal solutions, we provide this information, so you have a clear overview of the options available for dealing with your debts. If an IVA is not suitable or you would prefer to take an informal route, we will refer you to a debt solution provider that will assess all debt solutions.
If you qualify and an IVA is accepted by your creditors, there will be no up-front or set up fees payable. In the event of your IVA not being accepted there will be no fees payable for support given. Should your IVA be approved, there will be a nominee and supervisory fee payable however this is included in your overall monthly repayments and total amount repayable. This is agreed with your creditors from the outset and is for the management of the lifetime of your IVA.
In order to qualify for an IVA, you must meet a certain criteria.
Most of your debts can be included, with the exception of mortgages, secured loans, court issued fines, TV license arrears, student loans & child support arrears.
Please note that the estimated debt write off is based on your affordability.