Debt consolidation or IVA

An IVA could offer an alternative way of solving your debt problems.

If you have debts of £15,000 or more or have already taken out a consolidation loan, you may be struggling to consolidate your debts with yet another loan. Also, if you have a poor credit rating, arrears or CCJ’s, you may find it difficult to get a lender to consolidate your debts again.

Benefits of an IVA:

• Only pay what you can afford
• Prevent or stop legal action - including bankruptcy
• Clear debts in 60 months with the help of Government legislation
• Makes payments easier with one lower affordable monthly payment
• Once agreed, your creditors cannot add any interest and charges to your account or make changes without your agreement
• Because you pay back an agreed, fixed amount each month for a set period, you know exactly where you stand
• At the end of the period any remaining debt is written off
• An IVA can be your best way out of debt if you have a large amount of unsecured debt; usually over £15,000

Call our IVA experts on freephone 0800 074 8639

An IVA could be your best option if you feel that your debts are getting out of control, as it provides a final solution to severe debt problems. Unlike a debt consolidation loan, an IVA is a legally binding agreement between you and your creditors that can only be conducted by an Insolvency Practitioner, and is backed by Government legislation designed to help you pay off debts.

When your IVA is agreed, you pay back an agreed amount over a fixed period (usually 5 years) after which any remaining unpaid debt is written off.

How do I get an IVA?

Your eligibility for an IVA will be assessed when you call and talk to our IVA experts about your financial circumstances. This enables us to work out what you can reasonably afford to pay back each month and from this information we then put a case to your creditors on your behalf.

As fully licensed Insolvency Practitioners, Debt Advisers Direct can organise your IVA quickly and professionally, taking the financial stress off you and administer the whole procedure on your behalf. Once the IVA is set up, we continue to act as intermediary on your behalf and conduct all dealings with your creditors. All you have to do is make sure that you keep up your affordable monthly payments in order to complete your IVA and look forward to a life free from debt.

Need to know more about IVAs? Click here find out more about IVA solutions.

Call our experts today on the number below, alternatively make an online enquiry or click here to get a debt consolidation quote.