IVA's

product

An IVA is an option available for people with unsecured debts of over £15,000 that are struggling to afford the repayments.


An IVA can often write off up to 60% - 70% of your debt. This means you only make affordable repayments according to your personal circumstances.


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Be debt free in 60 months.

You can reduce your repayment period to 60 months meaning after the 60 month period you will be debt free, the rest will have been written off. This is provided you maintain the repayment schedule and is based on the approval of the 60% - 70% reduction.


No more interest and charges.
The interest and other charges will be frozen meaning your debts will not increase.


Stops hassle from creditors.
You won't have to worry about being chased up by debt collectors and creditors anymore.


Avoids court action.
This can stop a bankruptcy procedure being enforced and also stop bailiffs.

Do I have to pay set up fees?

There are set up fees involved with an IVA but these are deducted from the money owed to your creditors and there will not be an additional fee added to your monthly repayment.

Setting up an IVA.

After you initially make contact with us we will discuss your current situation and decide if an IVA is the best solution for you. We would only advise a formal proposal if we think the IVA is likely to be accepted.


We will post a questionnaire out to you which will need to be completed and returned in order to gather all of the information needed for one of our advisors to prepare the IVA proposal.


You will receive a letter to confirm that you have instructed us to contact your creditors on your behalf which must be signed and returned. This means that we will now begin negotiation with the creditors and inform them of the situation so they should no longer bother you.


One of our experienced advisors will produce a draft proposal using the information that you have provided us with. If we require any further information we may contact you to retrieve this. You will be sent a copy of this draft proposal for approval which will need to be returned to us.


When you have returned the draft proposal complete with any necessary alterations we will then update the proposal and return it to you for one final check and signature.


A report is then created on your offer to produce to the creditors. We will also lodge this report and IVA proposal in court. This is a formality and will not require your presence in court unless there are exceptional circumstances.


A creditors meeting will be arranged in order to discuss the IVA application where we will present your proposal. You are not required to attend this meeting but you may do so if you wish.


The creditors will each vote as to whether they want to accept your proposal. If 60% - 70% (by value of the debt) of the creditors agree to the offer then your IVA will be accepted. This IVA is then legally binding to all creditors whether they voted or not.


It is possible for a meeting to be adjourned for up to 14 days in order for creditors to review any revised offers if applicable.


Debt write off applies only where an IVA is suitable, adhered to and at the end of 60 months and applies to unsecured debts included in the IVA. Alternative solutions may be offered. Failure to adhere to an IVA can result in bankruptcy. An IVA is a formal agreement and will affect your credit rating for up to 72 months after completion. Homeowners may be required to remortgage in the 4th year of the IVA. Fees apply and will be notified to you in advance.


An IVA may not be favourable if you own your own home, as you have to give up a percentage of your assests and you may be required to remortgage in the 4th year of an IVA.


YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER LOAN SECURED ON IT. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. REPAYING DEBT OVER A LONGER PERIOD MAY INCREASE THE TOTAL AMOUNT TO BE PAID.

Loan Application

To apply for this product, please follow the steps and fill out our application form. Alternatively you can call us on 01753 579239 or request a callback.

  • In a nutshell...

  • Only one monthly payment.
  • Reduced monthly payments.
  • No hassle from Creditors.
  • Flexible Payments.
  • Never incur a late payment charge again!