Is an IVA the debt solution you need?
An IVA is a repayment scheme which allows you to pay back less than you owe whilst protecting your assets. You could be debt free in under 60 months.
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An IVA is a legally binding agreement that allows you to repay your debts whilst freezing all legal action & costs.
Manageable Monthly Payments
One fixed, affordable, monthly payment guaranteed to clear your debts in under 60 months. You could pay back less than you owe!
Freeze or Reduce Interest
All interest & charges could be stopped! This will leave you with more money in your pocket each month!
Protect Your Assets*
All of your assets such as your car & property are protected and you will avoid Bankruptcy.
The IVA is legally binding which means your creditors cannot change the scheme at a later date.
Once you have completed the repayments, your debt is cleared & you regain control of your finances.
Find your debt solution NOW!
If you have a question that isn't answered below then feel free to give us a call on 0800 2300 025. Alternatively you can contact us by email or post.
How much per month will I have to pay?
Upon speaking to one of our advisers a decision will be made based on you financial circumstances about a monthly payment amount.
Will I qualify for an IVA?
Each individual is assessed on what is the right option for them. IVA is not the correct way to repay debts for everyone so this will depend on the severity of your debts and the expert opinion of one of our advisors.
What happens if I struggle to make the payments?
It is important that you maintain your agreed payment schedule when entering in to an IVA however, it is appreciated that there are some circumstances i.e. redundancy, sickness etc where payments are likely to be difficult. If you are proven to be experiencing these difficulties then an IVA offers the option of a suspension of payments for up to 6 months.
Will my home be safe?
One of the benefits of an IVA is that your assets will be protected so there is no need to worry about your home providing you keep up with your repayments. You will be expected by your creditors to make some equity available. This is usually done by remortgaging for an amount that is affordable for you. If there are any problems obtaining this then you may be requested to pay up to 12 months of additional payments instead.
What if my creditors don't agree?
For your IVA proposal to be successful at least 75% of votes must be in your favour. Creditors can suggest alterations to your proposal and it is your choice on whether you accept or reject them. If your creditors don't vote in your favour then you can still take out a Debt Management scheme with your creditors or file for Bankruptcy.
Do I have to pay any costs?
Any costs you are required to pay are included in your payment schedule including our fees. If you keep to the 5 year agreement then any outstanding debt you can't afford to pay, the creditors will write off. There are no additional fees to us.
Will I ever be able to get credit again?
When you enter in to an IVA agreement you will usually have agreed not to apply for credit and the details of your debt will stay on your credit file for 6 years. After the 6 years you are free to apply for credit once more. You can apply at the end of your 5 year IVA but you will probably find credit difficult to obtain.
What happens if I fail to comply with the IVA terms?
If circumstances beyond your control stop you from keeping to the terms of the IVA then we will work with your creditors to help reach an acceptable conclusion to the IVA. But if you choose not to comply without one of these reasons then your IVA will be ended and your creditors will be entitled to take legal action against you for the outstanding debts. In some extreme cases this can lead to Bankruptcy.
If you are simply looking for advice we are happy to help. Just fill out the form below and we will call you back to discuss your options.
* Your home is at risk if you do not keep up your repayments.
Whilst all of our advice is free with no obligations, we can spend as much or as little time as you wish discussing the most appropriate solution to suit your needs. If at the end you decide to positively resolve your problem by allowing us to provide you one of our first class services, there will be a small cost in doing so. Please refer to our terms & conditions.
This however is often offset by your reduced payments to your credit companys.