With an IVA you could:
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Pay off unsecured debts (in normally) 5 years |
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Have one repayment tailored to your circumstances |
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Freeze interest and charges |
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Let us deal with your creditors on your behalf |
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What is an IVA?
An IVA enables you to repay as much of your unsecured debt as possible over an agreed time period - usually five years - before the rest is written off on successful completion of the agreement.
It's an alternative to bankruptcy that avoids many of the downsides, such as the repossession of your home.
You may be eligible for an IVA if your unsecured debts have become unaffordable, but you can still commit to regular affordable monthly payments.
IVA help with the Debt Advisory Centre
At the Debt Advisory Centre, we aim to make the process of entering into an IVA as easy as possible. Once one of our expert advisers has talked you through what's involved, your Insolvency Practitioner will take care of all the legal requirements .
Then, once your IVA has started, we'll be here to help you with any questions you may have about your arrangement. We'll also carry out regular IVA reviews to make sure it still meets your needs.
Things to remember
An IVA could be a big help if you're really struggling, but there are a few things you'll need to remember. Your credit rating will be affected for six years after the agreement begins (as records on your credit history are recorded for six years). And if you're a homeowner, you could be required to release some of the equity in your home in the last year of your IVA.
Also keep in mind that you will need to keep repaying any debts not covered by your IVA (such as your mortgage). You'll also need to make sure you can definitely keep up with your IVA payments, as failing to do so could put you in a worse position.
Key facts and information:
What fees are involved?
Depending on your situation, you may be advised to enter a specific debt solution. If you do, fees will be charged. As one of the longest-established debt solution providers in the UK we always strive to offer our customers an excellent service together with ensuring our fees remain competitive. Click here for more on our fees.
Will my credit rating be affected?
Yes - your ability to obtain credit will be affected for 6 years.
What if I change my mind?
You are under no obligation to enter a debt solution. If you choose to - and then change your mind - you have the right to cancel the agreement at any point during the first 14 days. You will also receive a refund of any initial fee you’ve paid us.
To find out more, call us on: 0800 074 4111
Subject to eligibility and acceptance. Debt write off applies to unsecured debts and only on completion of an IVA, alternative solutions may be offered. Calls may be recorded for training and quality purposes. |
