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To find out more about managing your money and getting alternative free debt advice, visit Money Advice Service, an independent service set up to help people manage their money.
Individual Voluntary Arrangements, or IVAs, were introduced by the Government to help people who can’t afford to repay debts above £5,000. Under an IVA, up to 80% of your debt could be written off and your creditors are not allowed to add interest or charges. The typical term is 60 months.
Debt Management involves negotiating agreements with your Creditors to make reduced payments to them each month, usually with the help of a Debt Management company.
Bankruptcy is usually considered a last resort but can be an effective solution for those in severe financial difficulty as all debts included are written off.
A Debt Relief Order, or DRO, is a type of Bankruptcy aimed at people with few assets who have no ability to repay their debts. Like Bankruptcy, all debts included in a DRO are written off but the qualifying criteria is strict.
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“Everyone I spoke with was really helpful very understanding not judgmental at all. The help from Rebecca and Laura was amazing would definitely recommend to anyone that needs help and support in this hard/stressful time.”
“Absolutely fantastic service from Beth, also the customer care was fabulous. Highly recommended very helpful from start to finish thank you so much”
“Was so happy with the service at Money Advice, everyone was so understanding and looked after me until my IVA had been accepted. I recommended my friend too and she also has an IVA. BRILLIANT SERVICE.”
“Very helpful at explaining the process at this very worrying time, Hayley was brilliant in getting me my IVA and once accepted I was over the moon, can’t thank them enough.”
According to recently published data, the average UK household debt hit £15,400*
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An IVA is a legally binding, formal agreement between you and your creditors to repay a portion of your debt. An assessment of your income and outgoings is completed to check how much you can afford to pay into the IVA each month. Once an amount you can afford each month is established, your creditors vote to decide if the IVA should be approved. The majority of your creditors need to vote for the IVA for it to go ahead. Once approved, the IVA usually lasts for 5 years with any of your remaining debt written off at the end.
There’s more than one reason why the IVA has proven over time to be such an effective route out of debt. Most people who benefit from an IVA would say having part of their debt written off is what appealled to them the most. In fact, up to 80% of your debt could be written off under an IVA; this means that if you owe £10,000, you could have up to £8000 of it written off! In addition, your creditors are no longer allowed to apply any interest or charges to your debts, or contact you for payment whilst you’re subject to the IVA. They also can’t take legal action against you.
All of your unsecured debts should be included in an IVA. Unsecured debts include credit cards, store cards, personal loans, payday loans and catalogue. Council Tax arrears and Benefit overpayments can also be included in your IVA. Secured debts, such as a mortgage or secured loan, cannot be included. Hire Purchase agreements, Court fines and CSA arrears can also not be included.
It’s unlikely that entering into an IVA would have a negative impact on your employment. However, in some instances, certain types of roles that involve finance can be affected if you access an IVA. It’s usually written into your employment contract so it could be worth checking this over if you work in roles involving financial advice, mortgage advice and accountancy.
One of the big advantages of an IVA is that your property isn’t at risk as long as you keep up to date with your mortgage payments. In fact, none of your assets are at risk under the IVA. However, in the final year of your IVA, you may need to release equity from your home. If this isn’t possible, then the length of your IVA may increase by a year.
We have our very own in-house insolvency professionals ready to set you on your path to a debt solution. This means we can quickly help you establish your eligibility and decide upon the most appropriate solution.
The advice we give is free, and there is no obligation to sign up to anything after your initial telephone consultation.
We think the world of money can be a complicated place, as decisions about overcoming financial difficulty are big ones, especially when there are lots of possible solutions out there. We understand this and that’s why we like to keep things simple.
There’s no pressure from us to make a quick decision, and we’re here when you’re ready to move forward.
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