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CALL US TODAY FOR FREE IVA HELP OR DEBT MANAGEMENT ADVICE |
Free IVA Help and IVA Debt AdviceWho would suit an IVA? An IVA would normally suit a person or couple with over £15,000 worth of debts, and who have more than 2 creditors. They would normally be employed, but would be overcommitted and to a point where they are starting to miss payments and/or cannot maintain a reasonable standard of living on their current income. What is an IVA? An IVA stands for Individual Voluntary Arrangement. An IVA is a legally binding agreement with your creditors which allows you to pay a realistic affordable payment over a fixed period of time which in normally 5 years (60 months). Because it is paid over a fixed period of time some debt may be written off. What are the benefits of an IVA? You take control of your finances You are able to make one single affordable payment Creditors must freeze all further interest and charges When an IVA is completed any outstanding debt is written off and cleared An IVA is a confidential agreement between you and your creditors, unlike bankruptcy. With an IVA you can still be a company director, in the armed forces or hold public office. An IVA may safeguard your property if you are a homeowner An Interim Order can be made to prevent legal action by your creditors Threatening telephone calls and letters from your creditors will stop. What are the disadvantages of an IVA? An IVA may appear on your credit reference file and effect your credit rating and ability to get credit in the short, medium and long term. Should an IVA fail you may be made bankrupt 75% of your creditors must agree to the proposal. You cannot take further unsecured finance during the term of the IVA.. |
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