Getting debt relief with an IVA is very simple. All you do is make one affordable monthly payment to a qualified legal professional, who in turn distributes the payments according to the amounts previously agreed by your creditors in an IVA proposal. You do this every month, for 60 to 72 months, and at the end of the term any debt balances you still owe are written off.
You don’t have to deal with creditors any more, and all the hard work is done for you.
Utility arrears are debts to your gas, electricity or water provider. Millions of people in the UK have utilities arrears, but few people know how to tackle them. Get in touch to find out what you can do about your utility debts.
If you’re behind on Council Tax or you’re struggling to make payments, you could face prosecution from your local authority. Get in touch to find out what you can do about your council tax debt.
The idea of buying goods and paying for them later may be attractive, but high interest rates make many store cards difficult to pay off. Get in touch to find out what you can do if you’re struggling with store debts.
Payday loans are short-term loans originally designed to tide people over until payday. With incredibly high interest rates, a relatively small amount of money lent via a payday loan can be difficult to pay off. If you’re struggling with repayments and need advice, we may be able to help.
If you owe money and cannot pay it back then a creditor may apply to the County Court for a judgment against you to claim the money. Get in touch to find out what you can do if someone has taken a County Court action against you.
An overdraft is an extension of a bank account, allowing you to continue to withdraw money even after the account reaches zero. This money is given on a borrowed basis, often has interest or a fee attached, and is repayable ‘on demand’.
A loan is the act of giving money, property or other goods to another person in exchange for the future repayment of the original amount plus interest or other charges. Depending on the rate of interest attached to a loan, the total repayment can be significantly more than the amount borrowed.
Credit cards can be used to make purchases when you might not have the cash ready, to reduce the cost of expensive debt by getting a lower interest rate, and to earn rewards and cashback when you make purchases. If you’re struggling to make repayments on your credit card, get in touch today.
Applying to current and former tenancies, house arrears can include non-payment of rent, court costs, water rates, chargeable repairs, and compensation owed to landlords where a tenancy has been ended and the tenant has failed to leave.
A benefit overpayment can happen for a number of reasons. This could be because the benefit office made a mistake, or because you didn’t know you had to tell them about a change of circumstances that meant you were entitled to less benefits. For more information and advice on benefit overpayments, get in touch today.
If the amount your home is sold for does not cover the outstanding mortgage and any secured loans, you will owe the remaining money to any associated lenders. This ‘mortgage shortfall’ can be a significant debt that many people struggle to pay off. Get in touch to find out what you can do about your mortgage debt.
An IVA, or Individual Voluntary Arrangement, is a formal agreement between you and your creditors that is designed to help you manage your debts and work towards a debt free future.
A licenced Insolvency Practitioner (IP) will assess what you can realistically afford to pay and present a proposal to your creditors. If your creditors accept the proposal it becomes a legally binding agreement.
An IVA will typically last five years but can be six based on circumstances. During this period your Insolvency Practitioner (IP) will review your finances each year and send an annual report to both you and your creditors.
Like any financial decision entering an IVA is not a decision to be taken lightly. You need to get help & advice before you decide. We can help you decide if an IVA is the best debt solution to suit your individual circumstances.
Your IVA payment will be calculated by analysing your income and expenses (not including any debt repayments). We then work out how much money you have left over each month. This left over amount is your potential IVA payment.
We only work with the very best insolvency companies. After a quick online application you will receive a call from one of our friendly advisors for a non-obligation chat just to see if an IVA really is the best option for you. If both parties are happy, our work can start in making you debt free and back on your feet with a real financial future that may be a lot closer than you think…