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 IVAs wipe out your debt problems in 60 months

Do you have more than £15,000 worth of debt?

If you've answered yes then an IVA is one debt solution to free you of your debt problems. An IVA is a legal agreement which works as an alternative to Bankruptcy. With an IVA you pay an agreed sum each month and can be debt free in five years.

How does an IVA provide debt help?

An IVA is an alternative to Bankruptcy, and is a formal and legally binding agreement between you and your creditors. It provides both parties with certain legal protections whilst you solve your debt problems.

Over the term of an IVA you pay the agreed monthly amount, usually over 60 months, informing our IPs (Insolvency Practitioners) of any change of circumstance which could affect your income or assets.

Once the agreement is in place your creditors must stop all further interest and charges on your debts. All letters and phone calls from your creditors in relation to your debts should then cease. Once the 60 months have ended, and you have kept to the arrangement any outstanding debt is written off and you will be free of your debt problems.

An IVA is a formal legal agreement and will affect your credit rating.  Homeowners may be required to remortgage in the 5th year of the IVA.

What are the minimum criteria for an IVA?

  • Three or more creditors
  • Struggling with payments
  • More than £10,000 of unsecured debt
  • Proof of employment
  • UK citizen (IVA specific for England and Wales)

 

For more debt services from Women in Debt view one of the following pages:

 

Click here to view IVA FAQs or call 08448 222 622 and speak to one of our friendly trained advisors.  Why not click to fire up our FREE online Just-A-Minute Debt Test to see if there is a solution for you.  And if you feel you can't talk to us then click to download our FREE Debt Enquiry Form, complete it in the privacy of your own home and post back to us using the FREE post address.

Whatever you choose to do you are not alone and if you can't share your worries with loved ones then share them with us!

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