• Freeze interest and charges on your debt immediately
• Stop contact and demands from your creditors
• Consolidate your debts into one affordable monthly payment
• A clear plan to get you out of debt at a sensible pace
• Free expert help and advice with no obligation or pressure

IVA FAQ

Q: Where can I find out more about IVAs?

A: Check these frequently asked questions or call our free advice line and we can answer any questions and explain the pros and cons of an IVA compared to alternative debt solutions, bankruptcy and other options.

Q: What is an IVA?

A: IVA stands for Individual Voluntary Agreement and is an arrangement between you and your creditors (the people or companies you owe money too) to clear your debt. Usually an agreement will be made where you pay of a percentage of your debt and after 5 years it will be agreed that your debt is settled.

Q: What about interest on my debts?

A: An IVA will freeze interest on your debts

Q: Will my creditors sop hassling me?

A: Yes with an IVA your creditors are legally bounds to stop contacting you

Q: Will I have to make seperate payments to all of my creditors?

A: No you will only make one payment (usually monthly). This payment is then distributed between your creditors.

Q: How much will I have to pay?

A: Dependent on your current financial situation a repayment amount will be agreed with you which is usually paid monthly over a 5 year period. This may mean that you do not have to repay all of the debt and at the end of the 5 year period any unpaid debt will be written off.

Q: Would it be better to declare myself bankrupt?

A: Declaring personal bankruptcy is usually seen as a last resort as it has many downsides. These include giving up any assets like property, cars or other valuable items. Furthermore it is incredibly hard to get any sort of credit once you have been declared bankrupt meaning that you will struggle to get credit cards, loans or mortgages in the future. An IVA avoids many of these issues and is less damaging to your credit record than bankruptcy.

Q: What other options are there?

A: There are a number of options and the best one for you will depend on your own personal financial circumstances. Call us on our free debt advice helpline and we can run through the options available.