Debt problems? Help and advice are available.

Losing your job, having a baby, divorce or separating from a partner, sickness or bereavement all of these things can make it very difficult to manage a budget.

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IVA or Individual Voluntary Agreements FREE Advice.

An Individual Voluntary Arrangement is a formal repayment agreement between a debtor (person owing money) and their creditors (the people who are owed money).

An (IVA) is a legally binding agreement, and allows a debtor to make reduced monthly payments to their unsecured creditors in order to pay off a percentage of what they owe for the duration of the Individual Voluntary Arrangement (IVA), which is normally 5 years.

During the IVA, the creditors are legally bound to freeze the interest on any outstanding debts and to cease adding late payment charges to the debtor's account(s).

Also the creditors are forbidden from contacting the debtor with regard to the outstanding debts, whether by mail, telephone, fax or email, as any correspondence must be passed through the appointed Insolvency Practitioner's office under the terms of the Individual Voluntary Arrangement (IVA).

Once an IVA has been successfully completed any outstanding balances must be written off by the creditors, in many cases as much as 75%, leaving the debtor debt free.

The size of the monthly repayments to the IVA are calculated with the help of the debtor providing the relevant documentation and are based on what the debtor can realistically afford throughout the term of the IVA.

To qualify for an IVA, the following preconditions must be met:

Debts must be over £15,000
3 or more different named creditors
Debtors must be in receipt of a regular income which is not wholly dependant on benefits

If you would like to discuss the IVA option with a trained IVA advisor, then complete our quick enquiry form, which you can find on your right.

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Case Study.

Mr & Mrs Jefferies had an unsecured debt total of £36,201 which consisted of 4 personal loans, 3 credit cards, 6 store cards and 2 overdrafts. Their combined monthly income was £2640 and they were paying £1405 per month to their creditors. Once rent, council tax and their monthly bills were taken into account, they were left with less than £1000 to service the debt. Obviously this situation was unsustainable and they soon soon found themselves in serious financial trouble.

Thankfully, Mr & Mrs Jefferies now have a formal arrangement with their creditors under an IVA. Approval was gained to significantly reduce their monthly contractual repayments and they now pay £405 per month. After paying this amount for 60 months, the remaining debt will be legally written off through government legislation.

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IVA Debt Help

The Unpaid Balance of Your Debts is Written Off - As Much As 75%
Only Pay What You Can Afford
One Single Affordable Monthly Payment
Freeze Interest and Late Payment Charges
Protects You From Further Action By Your Creditors
Real Alternative to Declaring Yourself Bankrupt
Avoid Public Notices Affecting Your Reputation