An IVA (Individual Voluntary Arrangement) is a solution that became popular over the last 10 years. It suits people who are struggling to pay their debts however want to pay an amount that is realistically affordable.
It is a legally binding arrangement between you and your creditor usually over 60 months. It is suitable for you if you owe over £7,200 to creditors. Payments start from £70 onwards and are subject to individual circumstances and affordability.
Debt Management Plan is an informal arrangement that between you and your creditors. It suits people who are struggling to pay you unsecured debts such as loans, credit cards and payday loans.
With a Debt Management Plan, all your unsecured debts are combined together, and you pay one affordable monthly payment towards them. We will also aim to freeze your interest and charges.
If you are a Scottish Citizen with over £5,000, you may be eligible for a Trust Deed. A Trust Deed is a formal agreement between you and your creditors that allows you to pay back what you can afford.
A Trust Deed will freeze any interest rates and charges and will stop your creditors from taking any further action against you, if you maintain regular payments. It takes around 4 years to complete after which any remaining debt is written off!
Bankruptcy - If you can’t afford to repay your debts, this form of debt relief lets you write it off entirely. You may need to sell any assets that you own to repay your creditors.
Debt Relief Order - If you have few assets, very little extra income and debt which is under £20,000 in value, then a DRO may be the right option for you.
Refinancing - If you have equity in your home then a re-mortgage or equity release might be an option for you. Refinancing your existing debts may be a alternative solution as well.
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NationalDebtService.co.uk is an independent website created to help users find a solution to their debt problems. Our service is free to use and you are under no obligation to accept any of the recommendations you receive. An IVA (Individual Voluntary Arrangement) is subject to acceptance.
Debt write off applies to unsecured debts and on completion of an IVA. A debt write off amount of between 20% and 80% is realistic, however the debt write off amount for each customer differs depending upon their individual financial circumstances and is subject to the approval of their creditors.
Call charges may vary depending on your telephone provider. All calls are recorded for training and compliance purposes, but deleted after 6 months for non-customers in line with GDPR guidelines.
At National Debt Service, we do not give advice. On completion of our form, we will introduce you to one of our authorised IPA regulated companies. We use the contact details you have given us on the form to make this introduction. A debt advisor will contact you by telephone. During that telephone call, the debt advisor will discuss your options in more detail. During this call, and other subsequent communications, you will be dealing with a debt solutions partner and not National Debt Service. We may receive commission from the company we introduce you to.
Free money help and advice can be found at the MoneyAdviceService.org.uk