Wipe out your debts today with an IVA and become debt free within 60 months. IVA's are run by professional licensed insolvency practioners and can have huge advantages, depending on your circumstances. If you cannot afford your present credit commitments and you have debts over £15,000 an IVA maybe the solution for you. WHAT AN IVA MEANS In simple terms, setting up an IVA could:
Write-off up to 75% of your debt Protect you from creditors and the courts Freeze your interest payments Protect you from bankruptcy (and so also avoid public notice) Consolidate your debt into an affordable monthly payment, usually over 5 years Allow you to continue trading as a Sole Trader or Partner Prevent restrictions as regards personal credit (although it can still be difficult to obtain)
For example: Mrs Stevenson owed £23,900. Her Individual Voluntary Arrangement was for a payment of £250 a month over 5 years. So, she repaid £15,000 - around 62% of her debt. Debt Free Helpline has a policy of best advice, so we will discuss the advantages and disadvantages with you thoroughly before making any recommendations.
HOW AN IVA WORKS An IVA is available to all individuals, who are experiencing pressure from creditors (people you owe money to), and is particularly useful to people who own their own property and wish to avoid the possibility of losing it through bankruptcy. Our insolvency practitioner will enter you into a formal agreement with your creditors. They will arrange affordable monthly payments, usually over 5 years. From there, the debt is written off. An IVA is a legally-binding agreement and stops all creditors included in the IVA from taking any further action against you, assuming that you comply with your obligations. All charges and interest will also be frozen on your accounts. This scheme is not suitable for everyone as it depends on such factors as the amount of credit you have, the number of companies you owe money to, equity if you are a homeowner, and your affordable disposable income. WHAT ARE THE DISADVANTAGES?
Your credit rating will remain affected throughout the duration of the IVA, it usually takes a year after completing to be restored. -
Your home and other assets can still be at risk if they have not been specifically excluded from the agreement
If you fail to comply with the IVA, you are likely to then be made bankrupt WHAT ARE THE ALTERNATIVES? At Debt Free Helpline we can advise you on Individual Voluntary Arrangements and all of your options for dealing with problem debt. Fill in our enquiry form or call now on 0800 881 8981 to speak to one of our advisors for free debt management advice. |
