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Find out how an IVA could help you to get your debts back under control.
What is an IVA
What is an IVA
Find out how an IVA could help you to get your debts back under control.
An IVA is a powerful, legal agreement, typically lasting just 60 months. It is designed to protect you from creditors taking action against you. An IVA forces your creditors to agree to reduced monthly repayments, stop interest and charges and most importantly, write off the debt that you can not afford to repay.
A quick overview of an IVA
How is it possible to write off debt?
With an IVA, if you qualify, it is possible to write off all of your unaffordable personal debt.
How an IVA works
Reduced Repayments
IVA repayments are based on your household budget, so they are always affordable and are typically much less than you are currently paying.
Consolidate Debts
All of your different unsecured debts such as credit cards, loans, store cards, etc, are consolidated into one monthly repayment.
Stop Interest & Charges
Because an IVA is a legal agreement, your creditors must stop charging interest or applying late payment fees or costs, so your debt will not get any bigger.
You can write off debt and reduce repayments
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You can write off debt and reduce repayments
You can write off debt and reduce repayments
You can write off debt and reduce repayments
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Pros & Cons Of An IVA
+ You can write off debt and reduce repayments
+ You get legal protection from creditors
+ Helps to avoid Bankruptcy
+ No more calls, texts, emails or demanding letters
+ You could be debt free in just 5 years
+ No more late payment charges or interest
+ Not everyone qualifies for an IVA.
+ Writing off debt only happens upon succsful completion of an IVA.
+ An IVA can have a negative impact on credit ratings.
+ There are fees charged during the life of an IVA.
+ Failing an IVA early can negate the benefits.
+ Whilst on an IVA, you can't take out more than £500 credit.
Quick and easy or highly personalised
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Choose who inherits what and when
2
Pick guardians for your kids and pets
3
1 of 3
Leave gifts for loved ones or charities
4
Choose and appoint your executors
5
Leave messages for loved ones
6
2 of 3
Stipulate when people should inherit
7
Explain your wishes in detail
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Update your will anytime you need
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3 of 3
An example of how an IVA could work
Let's say your debt currently looks like this...
Bank Loans:
£12,421
Credit Cards:
£5331
PayDay Loans:
£1890
Gas & Electric:
£642
Overdraft:
£578
Council Tax:
£338
Debt Collectors:
£222
Monthly Repayments:
£612
Total Debt:
£21,422
£7,560
To Repay
£126
Monthly Repayments
65%
Of Your Debt Written Off
£13,862
That you won't need to repay
60
Total monthly payments
With an IVA:
Important information about this example. Everyones situation is unique and each persons IVA is different. The example above is based on examples of IVA's that we have produced in the past but is not based on industry averages or an exact example. If you choose to do an IVA it will look different to the example above. You may write off more debt or less debt and your payment could be higher or lower. Your monthly repayment will be based on your unique income and expenditures. The amount of debt you write off will depend on the amount debt that you have and your monthly repayment. THE BENEFITS OF AN IVA COME UPON COMPLETION WHICH IS TYPICALLY 60 MONTHS
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Single will is £89
Joint wills are £139
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Completed in 30 minutes
Update your will 24/7 for £12 a year
Leave messages, funeral wishes and more.
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Solicitors or Will Writers
Extra charges and upsells all over the place
Single wills from £250 to £600
Joint wills from £450 to £1,000
Long calls and even having to do meetings
Days and often weeks of work
Paying extra each time update your will
Only the legal stuff, no option to show you care
Let's find your debt solution
We can compare all of your options, check your eligibility for different debt solutions and make recommendations, all without it costing you a penny.
Unfortunately, not everyone qualifies for an IVA.
Whether you qualify or not will be entirely based on your unique financial situation. The good news is that we can find out if you qualify in just 10 minutes and you are under no obligation to take out an IVA if you do qualify.
Who can do an IVA?
Let's find your solution to debt
We can compare all of your options, check your eligibility for different debt solutions and make recommendations, all without it costing you a penny.
To find out more about managing your money and getting free advice, visit Money Helper, independent service set up to help people manage their money.
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Write Off Debt
Once the IVA has finished, typically 60 months, any debt not repaid is written off. This is usually the majority of your debt and can be as much as 80%+
Debt Free In 60 Months
With an IVA you make monthly repayments. An IVA usually requires just 60 monthly repayments and then you are free from the debt included in the IVA.
Legal Protection
IVA repayments are based on your household budget, so they are always affordable and are typically much less than you are currently paying.
You decide the solution thats best for you
3
As long as you need
3 steps to finding your debt solution
Tell us a little about the situation online
1
3 minutes
The first step is the hardest but we have made it simple. Answer a couple of questions to get started.
Explore and compare the options available
2
20 to 30 minutes
Our experts will understand your unique situation, compare your options and make tailored recommendations.
Once you know what options are available and you have your questions answered you decide how to progress.
