Car Finance with An IVA

What is an IVA?

An IVA (Individual Voluntary Arrangement) is an official, legally binding agreement that can help someone with serious debt problems avoid bankruptcy by paying a proportion of what they owe back to their creditors, eventually rendering them debt free.

As an IVA is legally binding, all unsecured debts must be declared, but once the term of the arrangement has passed, no further claim can be made to any outstanding monies by the creditors and will be written off. However, homeowners MAY be requested to explore the option of releasing any equity in their property at the end of the term, although the home is never at risk.

How does an IVA work?

An IVA is established and supervised by a licensed professional, an Insolvency Practitioner (IP), who presents a formal repayment proposal to an individualís creditors, based on what they can afford each month (after reasonable living expenses have been taken into account).  This amount is calculated before the agreement is finalised, but can vary over the term of the arrangement if there are any changes to income/expenditure. This is reviewed annually throughout the duration of the IVA.

For the IVA to be approved, the majority of the creditors have to vote in favour of the arrangement. Once agreed, it is binding to all creditors, not just those who agreed to it.

An individual is responsible for making their monthly payments to the IP; the IP will then ensure funds are distributed to each creditor on a pro rata basis, based on the amount of outstanding debt.

How long is an IVA for?

Usually an IVA lasts five years.

Who can benefit from an IVA?

An IVA is an effective way of helping those in serious financial difficulty, who cannot afford their repayments on outstanding unsecured debts. As part of the agreement, all interest and charges are frozen at 0% and additional payments cannot be demanded from the individual.

Reputable debt consultants can provide professional advice and will only explore the possibility of an IVA if no other debt management plan is suitable.

Will an IVA affect a credit score?

An IVA will be recorded on the individualís credit report, usually for a period of up to five years, and will affect the ability to obtain further credit during its duration.



Have You Got Bad Credit - Dont Worry

Are you looking for a new or used car? Have you got bad car credit? GetMeCarFinance can get the car finance you need. Perhaps youíve been turned down for car finance in the past? Well donít worry, youíre in safe hands. , We have car finance deals to get you the car youíve been dreaming of. We offer great deals on new and used car finance. And remember,  we dont just get you the credit , we also have a stock of cars you can drive away, So unlike other companies we cant actually offer you any finance having an IVA that you can get that car.
 

Fast Car Credit Application

GetMeCarFinance aim to provide you with a detailed car finance deal on your application between 1 to 48 hours and can most of the time achieve faster. We will let you know about your car finance offer by text message, email, telephone or  letter if required. Nobody works harder to help you to get the car finance you want!
Remember!!  All circumstances are accepted.