IVA – Professional landlord

An Individual Voluntary Arrangement (IVA) is normally a five year agreement with your unsecured creditors that helps you avoid bankruptcy. You get protection from those creditors and you only pay back a proportion of your unsecured debts and write the rest off.

If you’re a professional landlord and worried about your debts, PayPlan can help you. Call us now on 0800 280 2816 or, if you’d prefer, click the “Get advice now” button to request a call back.

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PayPlan help people in debt

Over the last twenty years, PayPlan have helped millions of people who were having difficulty in paying their debts.

Everyone’s circumstances are unique, and our experienced advisers will be able to suggest next steps for you no matter what your financial situation.

This page outlines a very specific case study: where a professional landlord was able to avoid bankruptcy, and then repay only a proportion of his unsecured debts and keep his buy-to-let properties, after we set up an IVA for him.

IVA case study – professional landlord

We helped a landlord who owed over £200,000 on unsecured loans and credit cards. The landlord owned 28 buy-to-let properties, most of which were rented out to tenants. The landlord was anxious to avoid bankruptcy, as most of his properties would then be sold.

We assisted the landlord with compiling a 12-month cash flow for all his buy-to-let properties, which showed the monthly profit he was making. We arranged a meeting in person where we were able to discuss each property, to ensure that it was dealt with accurately in the cash flow. After the client’s buy-to-let expenditure, and personal living costs were taken into account, he could afford to make a monthly payment of £800 to his arrangement.

Creditors agreed to write off over £150,000 of his unsecured debt and reduced his monthly debt payments by more than £3,000. He avoided bankruptcy and was debt-free within five years.

An IVA may help you if you’re a professional landlord

Are you serious about getting out of debt?

Successfully completing an IVA means avoiding bankruptcy and not having to deal with any more unsecured creditor demands for payment. You’ll normally make just one affordable payment for a set period of time, and creditors included in the IVA must freeze interest and charges at the point your IVA is agreed.

Become a PayPlan IVA client and you get:

  • A personal debt adviser to handle your IVA case
  • Just one regular payment to make, based on what you can afford to pay
  • All the support of a company who have, over the last twenty years, helped tens of thousands of people achieve debt-free status through an IVA
  • After the agreed IVA period, whatever unsecured debt remains is written off.

And remember, at PayPlan, we do not charge any upfront fees for setting up an IVA.

However you must bear in mind that if you were, for whatever reason, to stop making payments to your IVA then your plan may fail; in which case your creditors may re-apply interest and charges (which were frozen at the point your IVA was approved) or may even petition for your bankruptcy.Read more about the pros and cons of bankruptcy

Want to avoid bankruptcy? Think an IVA could help you manage your debts more affordably? Many people choose to call us on 0800 280 2816 for free no-obligation debt advice, while others prefer to fill in our online Debt Help form so we can call them back.