Are there any other advantages with a Voluntary Arrangement?
Yes there are. Not all your creditors need to support your IVA. So long as
if the requisite majority is reached (75% in value of those who choose to vote)
then all your unsecured creditors are legally bound, regardless of whether they
voted for, against or not at all. This means that they can no longer pursue you
for repayment.
Once bound, creditors cannot change their minds and are required to liaise directly
with the Insolvency Practitioner rather than with you. This means that any 'threatening'
letters and telephone calls that you may have been receiving will stop.
Regular payments to your creditors from the funds held in your IVA
account are made when it is appropriate to do so.
Providing you keep up your repayments and comply with the terms of your proposal
then at the end of the set term you have no further obligations to your creditors.
When the arrangement is completed you will be issued with a completion certificate
and you will be released from all debts that are subject to the IVA.
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