Debt Relief Order
Debt Arrangement Scheme
Bank Loan Debt
Payday Loan Debt
Credit Card Debt
Store Card Debt
Debt can impact a person’s life positively or negatively, depending on how it is managed. For example, debt can build your credit score and help you achieve your dreams, such as getting on the property ladder. However, if debts get out of hand, they can take a toll not only on your finances but your physical wellbeing as well.
In this situation, an IVA might be just what you need to regain financial control.
An IVA stands for individual voluntary agreement and is an arrangement which freezes your debts so you can pay your creditors back over an agreed period. Initially, IVAs were used by businesses, but have since gained popularity with individuals. They also protect you from legal action, such as being declared bankrupt or taken to court for defaulting on payments.
There are multiple benefits to an IVA. These include:
However, as with any financial product, there are negatives to IVAs as well:
An IVA could be suitable for you if you owe money to more than one creditor or have accumulated at least two debts. If your debts total more than £5,000 or you do not wish to deal directly with your creditors, an IVA should be ideal.
Contact us today with any queries or concerns you have, and we will be happy to answer them for you.
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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Free money help and advice can be found at the MoneyAdviceService.org.uk