Could an IVA help me?
If you have unsecured debts over £13,000 an IVA may be a suitable way of clearing your debts.
What is an IVA?
IVA's offer people struggling with a higher level of unsecured debt a legal arrangement for paying what they can afford every month towards their debts for an agreed period (usually 5 years), after which the balance of the debts are written off.
An IVA is legally binding between you and your creditors and has to be set up and supervised by a licensed Insolvency Practitioner.
Once the arrangement is accepted interest and other charges will be frozen and your creditors will no longer be allowed to chase you for payments. Any assets, such as your home and car are usually protected under the IVA, although if you are a homeowner you may be required to release equity from your home to contribute towards your debts.
Whilst an IVA will leave you free of the debts included you should also take into account the restrictions it places on you during the term of the arrangement and the effect it will have in the medium to long term, such as:
- No further borrowing can be entered into whilst you are in the arrangement. This includes the use of store cards and credit cards
- The arrangement is binding and the creditors can petition for your Bankruptcy if you default
- The IVA will be noted on your credit file for up to 6 years (from the start of the arrangement) and you may have to declare it on any future mortgage or credit applications even after it is no longer visible on your credit record
What will an IVA cost me? ยปWhat's the first step?
A quick and confidential phone call or an online application is all that's required. All we need are a few details about your situation and the unsecured debts you have. You will not be committed to anything after the initial phone call so you have time to evaluate your options.
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Insolvency Practitioners at Money Debt and Credit Ltd act without any personal liability.
Money Debt and Credit Ltd, Registered in England & Wales No.05588842.
Registered Office: 45 Clarendon Road, Watford WD17 1SZ
Consumer Credit Licence Number: 0580960