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IVA’s can write off up to 90% of debts and save £1000's

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  • Get one affordable monthly payment
  • Stop all creditors contacting you
  • Consolidate all unsecured debt
  • Become debt free!

How much do you owe?

£ 0
£ 0

How much you could write off with an IVA*

£ 0 Debt Write Off
Do I qualify?

What is an IVA?

An IVA is a formal debt solution for people with unsecured debts they are struggling to maintain, that want or need to avoid being declared bankrupt by their creditors.

During the IVA you make one affordable monthly payment typically for 60 months. At the end of the term any debt you still owe are written off.

An IVA is a legally binding agreement so once entered, your creditors can’t back out or change the terms after they agree to them.

Do I qualify?

Please note entering into an IVA will affect your credit rating for 72 months

Some of the things the lenders will have to abide by are the following:

  • To write off any debt included in the IVA at the end of the term
  • They must freeze the interest and charges on any debt
  • They should stop contacting you for payments

Pros & Cons of IVA

PROS

  • Affordable payments – allowances will be made for all key expenditure, which will also provide a
  • manageable budget which many clients find very useful
  • Fixed period of repayment – ordinarily 60 months – provides an end point for the client, they will know when they will be free of debts included in the IVA
  • Protection from lenders – legally binding agreement which is designed to stop lenders contacting by phone or by letter and also any legal action so no bailiffs, CCJs, attachment of earnings and charging orders
  • Protect any assets owned subject to lenders approval – no risk to homes at all and assets of reasonable value all acceptable
  • Once completed any outstanding debt owed included in IVA written off – The client will be paying as much back as they can over a reasonable period of time so it is an honourable solution
  • All interest frozen upon approval of IVA
  • 75% lender support to gain acceptance

CONS

  • Expenditure less flexible – strict adherence to guidelines, which can sometimes result in the debtor paying back more than they owe during a 60 month plan
  • The duration of the product may increase as per the proposal and any modifications that are made. Though you will be made aware before agreeing.
  • Homeowners effected – Property owners will be required to investigate a re-mortgage – only required to do so if affordable. If unable to re-mortgage and have above £5000 equity then up to an extra 12 months of repayments maybe required, which would be confirmed prior to approval.
  • Fees to be paid to Insolvency Practitioner – as part of monthly payments however this is included in the monthly payment.
  • Credit rating affected – on credit file for 6 years from the date of approval. If an IVA fails then lenders may petition for the debtor’s bankruptcy.
  • Some occupations may be affected – You will need to check with employer and trade body to ensure no impact to position of employment
  • 75% of the lenders who vote have to agree for a successful IVA. This is called the requisite majority

How does an IVA work?

See if You Qualify

Complete our 30 second online form to see if you qualify for an IVA. Or you can call us directly on 01565 325 030

Quick Chat

At a time that suits you, one of our friendly, experienced advisors will contact you to discuss your options. This is 100% free and confidential.

Your Choice

If an IVA is the best solution for you, we can start the ball rolling whenever you’re ready. We will help along the way until you become debt free!

Do I qualify?

NOT SURE WHERE TO BEGIN?

No worries, we’ll help you make sense of it all.

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Be part of the success

(Here are some hypothetical examples of how an IVA could work)

Jenny W
£9000 in Debt
  • Credit cards
  • Loans
  • Council Tax
Old payment pm
NEW PAYMENT

Per Month
John H
£16000 in Debt
  • Finance
  • Loans
  • Overdrafts
Old payment pm
NEW PAYMENT

Per Month
Catherine H
£13000 in Debt
  • HMRC
  • Payday Loans
  • Credit Cards
Old payment pm
NEW PAYMENT

Per Month

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Free Debt Advice

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