If a Debt Management Plan or Bankruptcy is not suitable, there is another solution- an Individual Voluntary Arrangement or IVA. This is another debt management option introduced by the Government as part of the Insolvency Act 1986. DEBTPLAN Direct™ have helped thousands of people with IVA debt management UK since its inception as a way to resolve their debt problems.
An IVA is a formal agreement between you and your creditors whereby you repay what you can afford, usually over 60 months. After which, the outstanding debt is written off.
For example if you can only afford to pay £300 per month towards your total unsecured debt of £28,000 you would pay the £300 for 60 months. This means by the end of the 60 month IVA period you would have paid £18,000 towards your debt. The remaining £10,000 would be legally written off.
An IVA enables you to pay off a percentage of your debt and any amount you cannot afford at the end of the 60 month period would be legally written off. We have helped debtors with an IVA who have been looking to pay off credit card debt, loans, overdrafts and other forms of unsecured debt.
Paying off your debt especially paying off credit card debt can be very difficult if you do not get the right advice from the start. In order to put together the proposals for an IVA you will require the services of a licensed Insolvency Practitioner who will advise on the best course of action and assist with the entire process. DEBTPLAN Direct™ assist debtors through the IVA process without the need to charge any up-front fees.
Should I Consider an IVA?
- Reduce debt by up to 70% -Only repay what is affordable for your circumstances
- Be completely debt free within 60 months
- An IVA legally stops interests and charges on your debts
- An IVA legally stops harassment and any further legal action
- An IVA avoids bankruptcy
An IVA means you reach an agreement with your creditors whereby they cannot bankrupt you if you maintain the agreed monthly IVA payments.
What can DEBTPLAN Direct™ do for me?
- Offer clear money and debt advice including paying off credit card debt
- We will ask you about your debts, income and expenditure
- Offer a full range of solutions to pay off credit card debt
- We will advise if an IVA is the most suitable way to tackle your financial problems
We offer other IVA debt management UK debt solutions other than IVA's, such as Debt Management Plans, Homeowner Loans, Personal Loans and Remortgages. Therefore you can be assured we are not pushing just one solution, but offering impartial advice, specific to your circumstances.
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