AUSCC

Welcome to IVA explained. I’ll outline some information about the Individual Voluntary Arrangement so that you can learn a  little more. An IVA is a form of debt relief for UK citizens that face insolvency and have no other way of paying back their debt. Lets go over some of the key terms.

Administration order

-An order in a county court where they will arrange and administer payments to your creditors. This is typically done at a lower rate.

IVA early settlement

-If you want to settle your IVA earlier then you can do this by offering a portion of your debt repayment to your creditors. This might be possible if you’ve somehow managed to get together a large sum of money etc.

CAB

-CAB stands for Citizens Advice Bureau. They are an office represented in most towns in the UK providing people with free financial advice.

An IVA can be a great way to deal with your debt and to even write off as much as 75% of the amount that you originally owed. Do your research with any debt solution and make sure you speak with a trained professional in the field who can make sure you make the right decision.