...60% of my debt was written off!...
IVAs (Individual Voluntary Arrangements) were created by the UK Government with the Insolvency Act 1986. They are a method by which individuals with mounting debt, suffering difficulty, are helped to regain control of their finances.
Here at quote4freedom.co.uk we help thousands of people every month with money problems. During 2008, it is estimated that 100,000 people will begin an IVA.
Take the first step by completing the FREE Online Assessment
1. Help: an IVA will deal with your unsecured debt.
2. An unsecured debt is any loan not secured on an asset that you own (e.g. your home if owned), such as a bank overdraft, a personal loan, a credit card, store card, etc.. A secured debt is a debt secured against an asset that you own. Typical secured debts will be a mortgage, a secured loan, a car loan, etc.
3. Peace: you will receive no more letters or phone calls from your creditors and lenders. Creditors bound by the IVA cannot independently try to recover their debts directly from you.
4. Relief: interest charges and related overdue charges will cease.
5. Privacy: Unlike bankruptcy; IVAs are not published in the local newspapers.
6. Career: Having an IVA will not affect your ability to retain or gain a job in the Armed Forces, Police, be a company director or hold a public office.
7. Help: We will help you to calculate what you can afford, and you make just one payment by standing order each month. The payment amount is the same over the whole period unless your circumstances change and you can afford more. Typically, your circumstances will be reviewed annually.
8. Banking: you can have a normal current account, as long as it has no overdraft facility.
9. Time: There are a maximum of 60 monthly payments.
10. Success: once the IVA is completed the remaining debt is written off. You can now start afresh.
11. Minimum debt: you usually need at least £12,500 of unsecured debt to qualify for an IVA.
12. Minimum number of creditors: you usually need at least 3 creditors (companies that you owe to).
13. No credit checking: as you will not be lent any money as such, you will not be credit checked.
14. CCJs cannot stop an IVA: Entering into an IVA even offers you a way by which you can avoid further recovery action after a creditor has obtained a CCJ against you.
15. No need to own a house: To apply for an IVA it makes no difference whether you are a tenant or homeowner or even if you are still living with your parents.
16. Protection: A major advantage of an IVA over debt management arrangements is that the creditors are bound by it once it has been agreed. They cannot force any changes upon you (e.g. increasing the monthly amount).
17. Your circumstances change during the IVA: If you can’t keep up with the payments because of changed circumstances you can request a change to cater for your new circumstances.
18. What do I pay other than the regular monthly payment?: Nothing.
19. Your home: You will not usually have to sell your home with IVA. An IVA may exclude the property altogether, propose a re-mortgage or suggest that the regular monthly payments are enough in themselves. The IVA may suggest a restriction on the property to ensure that your consent is required before the property is, for example, sold or re-mortgaged.
20. Assets: you will have some involvement (unlike bankruptcy) in what assets are made available to the creditors.
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FREEZE Interest Charges & Payments |
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Up to 60% of Debt WRITTEN-OFF |
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REMOVE Creditor Hassle & Demands |
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ALL Done By Filling-in the Form |
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Data Protection Security |