Struggling With Debt ?

When making the decision to enter an IVA you should consider the advantages and disadvantages of this debt solution so you are able to make the best decision for your own personal financial circumstances.

The best way to establish if an IVA is correct for you is to call our Debt Advice line and speak with one of our trained debt advisors on 0161 768 9875


Advantages of an IVA

  • An IVA is a way to avoid bankruptcy and property repossession
  • An IVA allows you to make one affordable monthly payment towards your debt
  • Any legal action is stopped if you keep up with your monthly IVA contribution
  • Interest and charges on your debts are frozen once accepted
  • Write off debts you cant afford
  • The IVA itself along with all your debts will be removed from your credit scoring giving you a fresh start

Disadvantages of an IVA

  • There will be an adverse effect on your credit rating throughout the term of the IVA and in most cases for the following year after it has been completed
  • Any money you come into whilst in an IVA will be considered and you could be expected to pay any windfall into your IVA
  • You may be asked to open a new bank account to protect your income going foward

Important things to consider

  • Homeowners could be asked to release some equity however this normally isn’t possible so the IVA can be extended by an extra year
  • At the start of an IVA all income and expenditure items are assessed and then reviewed annually throughout the term of the IVA. If certain items are considered excessive your creditors may require proof and if no suitable proof can be provided you will be required to reduce spending on those areas
  • Your IVA proposal being accepted is in the hands of your creditors. At least 75% of your creditors by debt value must agree to the terms of the IVA proposal.
  • There could be other debt solutions more appropriate for your situation, in this case we will make you fully aware of them and point you in the right direction
  • You will be required to conduct an annual financial review of your income and expenditure on the anniversary of your IVA being accepted until your IVA is complete.
  • There are no upfront fees to be paid. Your Nominees fees and Supervisor fees are taken from your monthly IVA contribution.

Call today on 0161 768 9875 for further debt help and advice