new iva debt solution
proven solution to clear your debts
IVA PROs
- Debt Free in 5 Years
An IVA will last for a fixed period of time, normally no longer than 5 years.
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Telephone Calls and Payment Demands Stopped
Once the IVA is agreed, your creditors by law are no longer allowed to demand payments from you either by telephone or letter.
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Interest and Late Payment Charges Frozen
After the IVA has been put in place, your creditors cannot add further charges or interest to any of your accounts covered by the agreement by law.
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Single Monthly Payment
At the beginning of the arrangement, you agree with your creditors what you can afford to pay each month. In some cases, you can pay a one-off lump sum.
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Repaired Credit Rating
Once you have successfully completed your arrangement, you will be allowed to borrow money and your credit rating will be repaired. You will not be credit blacklisted for life!
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Fixed, Legally Binding Agreement
Once agreed, the IVA is legally binding (see glossary) on all the creditors. You will know exactly where you stand and exactly how long it will be before you are debt free.
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Protection from Court Action
Once an IVA is in place, your creditors are not allowed to take further legal action against you as long as you stick to the terms of the arrangement.
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A Private Agreement
If you undertake an IVA, it is a private matter between yourself and your creditors. No publicity in the local papers.
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Professional Status Unaffected
Regardless of your professional position (e.g. doctor, solicitor or accountant) you can carry out an IVA without any adverse effects to your job.
IVA CONs
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Possible Release of Home Equity
If you have any equity in your property or any other significant valuable assets, you may be required to release some or all of this as part of the IVA agreement.
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Minimum Level of Debt
Normally you will only be able to undertake an IVA if your total unsecured debt is more than £15,000. In addition, you will need to be able to afford a monthly payment of at least £200.
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No Unsecured Borrowing During the Arrangement
While you are in an IVA, you will not be able to use your store or credit cards. These must be cut up. However, it may be possible to change an existing mortgage or take a new one while you are in an IVA.