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We could help you write off up to 75% of your debt.
These are just some of the lenders we have successfuly negotiated with in order to reduce debt for our clients...
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Become Debt Free after just 60 months!
FAQ Answers
Q: What is an IVA?
A: IVAs are designed to help individuals who have committed to considerable borrowing from several different lenders and are finding it difficult to meet the repayments when due. An IVA is a legally binding agreement that helps to make your debt more manageable and your repayments more realistic by tailoring them to fit with your individual circumstances. For a more detailed explanation click here.
Q: Who can IVA's help?
A: You may be able to benefit from an IVA if....
- You are a private individual, sole trader or member of a partnership.
- You owe more than £15,000 in total.
- You owe money to more than two creditors.
- You are employed or self employed and living in England, Wales or Scotland
- You own a small business and bankruptcy is not an option.
- You owe money to companies that will not agree to an informal debt management arrangement.
- You have tried other methods of debt management but they have failed.
- You are facing bankruptcy or want to reverse a current bankruptcy order.
- You are in a profession such as law, accountancy or the forces whereby bankruptcy could result in a loss of employment.
- You own property and do not which to become bankrupt and be made to sell up.
Q: How much will I have to pay?
A: The monthly repayments detailed in your IVA will be agreed on an affordability basis so as to prevent any debt problems reoccurring. The exact amount you pay will be based on the difference between your monthly income and necessary expenditure.
Q: When will my debts be cleared?
A: When you enter into an IVA your creditors agree to write off any debt that remains after a fixed period of time providing you meet the reassessed repayments in full. The exact length of time to which your IVA applies will depend on your individual circumstances; however, the vast majority of IVAs are cleared within 5 years.
Q: Will I have to pay any fees?
A: You do not need to pay any fees directly to us. Fees will be charged for setting up and supervising an IVA, however these will be taken out of any monthly payments you agree to pay into the IVA.
Q: Are you regulated?
A: The Licensed Insolvency Practitioners used by IvaDebt Solutions Ltd are regulated and monitored by their professional bodies (either the Association of Chartered Certified Accountants, Department of Trade and Industry or Insolvency Practitioners Association), to ensure they comply with the law and maintain a high standard of professional service.
Q: Will my current credit be affected by an IVA?
A: Once your IVA application is agreed by your creditors any current credit that you have (such as credit or store cards) will be suspended. In the vast majority of circumstances, you will not be able to apply for additional unsecured borrowing until your IVA term has been completed.
Q: Will I be able to get credit again in the future?
A: After entering into an IVA you will be able to get credit again, however most agreements usually detail that you must not obtain further credit during the term of the IVA , unless your IVA Supervisor agrees.
Your credit rating will be affected when you take out an IVA, however, you should still be able to borrow money, e.g. to remortgage your house. It is essential that you meet all of the required IVA repayments as this will be taken into account by future lenders when considering your application.
Q: Will my home be at risk?
A: If you meet all repayments set out in the IVA you will not be requested to sell your home. However, if you are a home owner you may need to refinance or remortgage your share in the property to raise a further amount towards your debts - this will be set out in the initial conditions of the IVA.
Q: Will I have to sell my assets?
A: In general, personal belongings, household items and vehicles (if they are required for practical purposes) are not included with an IVA. However, if you have additional funds available, you may be required to part with these as part of the IVA repayment.
Q: What happens if I can't meet the payments?
A: It is essential that you meet all repayments detailed in your IVA agreement. However, if your personal circumstances change i.e. you become ill and are unable to work or are made redundant, the terms of an IVA can be varied if your creditors agree. If your ability to meet repayments does change you must notify your Supervisor as soon as possible.
IVAexpert.org introduces to IVADebt Solutions Ltd.
Registered office: Systems Technology Park, Elettra Avenue, Waterlooville, Hampshire PO7 7XW.
© 2007 IVAExpert.org. All rights Reserved.
Registered office: Systems Technology Park, Elettra Avenue, Waterlooville, Hampshire PO7 7XW.
© 2007 IVAExpert.org. All rights Reserved.