IVAs remain a good way of dealing with debt problems for many people, thanks to standards of transparency and integrity set by CCCS.
We set up our own Individual Voluntary Arrangement company (CCCSVA) in 2007 to make sure that IVAs remain an effective way of helping people out of unmanageable debt.
Figures for the first nine months of 2010 show that lenders accepted 98.5 percent of IVAs proposed by CCCS.
This high success rate demonstrates that CCCS offers only the most appropriate remedies to those who need debt advice.
Will an IVA suit me?
Like bankruptcy, an IVA is a form of insolvency, so your debts must outweigh your assets for you to qualify. An IVA is a legally binding arrangement between you and your creditors, where they agree to a fixed affordable monthly payment over a fixed term (usually five years).
If you keep to the arrangement, your creditors will not chase you for payments or add interest to what you owe.
Before you consider an individual voluntary arrangement, make sure it’s the best option for you.
Our online debt counselling service, CCCS Debt Remedy, will identify the best solution to your debt problem. Alternatively, you can ring our free Helpline on 0800 138 1111.