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Worried about money?
An IVA can write off a large portion
of your unsecure debt✓ Freeze Interest
✓ Freeze Charges
✓ Relieve pressure from creditors
An IVA may not be suitable in all circumstances, fees apply, your credit rating may be affected.
What is an IVA?
An Individual Voluntary Arrangement (IVA) is a formal, legally binding agreement between you and your unsecured creditors. If you’re struggling with your unsecured debt, unable to manage both your household bills and your credit commitments, an IVA could be the suitable debt solution for you.
One Affordable Monthly Payment For All Your Unsecured Debt:
An IVA allows you to set up a affordable repayment plan with the unsecured creditors included in the IVA over a set period of time (typically between 5 – 6 years)
Debt Write Off
Upon the successful completion of your IVA, any remaining debt and accrued interest and charges are written off however if the IVA fails you could be at risk of Bankruptcy.
Your Assets are protected
If you own your property you will not be asked to sell your property, however you may be required to free up any equity by way of a remortgage to pay toward your debts;
Your Credit File
As with any formal debt solution/default on your credit file, your credit rating will be affected for six years from the start date of the IVA. your name will be added to a Public Register (the Individual Insolvency Register).
Stop Legal and Bailiff Action
During the term of the IVA your unsecured creditors are unable to take any further action against you or contact you for payment.
Freeze Your Interest and Charges
During the term of the IVA your interest and charges are Frozen
