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COVID-19: We have answered some of our customer's most frequently asked questions
An IVA is an agreement between you and your lenders to help get your finances back in control. One bonus of an IVA is that, once the arrangement is complete, any remaining debts are written off.
Standing for individual voluntary arrangement, an IVA is an attractive solution for many. One of those reasons is due to the write off element and applicants frequently ask us how much they won’t need to repay.
To help answer those queries, we’ve created our IVA calculator – it estimates how much debt you’ll write off once this arrangement has been completed.
Using the IVA calculator is simple. On the left, you’ll see a slider for your debt amount. Just adjust this until the figure represents an approximation of how much you owe. On the right, you’ll see how much you might have to repay as well as an estimated figure for how much you’ll write off. The results are based on how much we’ve already written off for our clients so these calculations are not just guesswork!
Total Debt Payable
Debt Write Off
The IVA calculator is an approximation and is based on the average amount our clients manage to write off. Although this figure differs based on everybody’s circumstances, we generally manage to write off – on average – around £13,500 worth of debt per customer.
It’s all very well seeing this on your screen, but if you want to make it a reality get in touch today. It costs nothing to find out if an IVA is right for you and we could give you a more concrete answer on how much money you might be able to write off.
We’ve detailed just about everything you’d want to know on our page; What is an IVA. In essence though, an IVA is a financial solution which can be very effective in resolving considerable debts.
A generally preferred alternative to bankruptcy, it’s an agreement between you and your creditors to repay what you can through affordable monthly payments. During this time, interest rates and charges are frozen which help make your debts much more manageable. When the IVA ends, any remaining funds you still owe your creditors are written off.
Although some companies may suggest an IVA can completely write off what you owe, this is not true. There is no debt solution which can completely clear your debts without serious consequences. With an IVA though, you should at least write off substantial amounts.
This debt solution isn’t available to everyone and those interested should meet the following IVA qualifying criteria:
Whether or not you meet the qualifying terms for an IVA, there are a variety of things to consider. Although one of the main advantages of an IVA is typically its ability to write off debt, there may be other debt solutions available. They are all different and one might be better suited to your circumstances. To find out more information, get in touch with us today.
We’d be happy to discuss your circumstances and identify the best solution for your needs.
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.
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