call The Money Group on 08000 77 4000
Find out how an IVA can help you consolidate and reduce your debt repayments – you may be able to get up to 80% of your debt written off.*
Take back control of your debts – contact us or request a call back from The Money Group today.
*On average customers may have between 25% to 80% of debt written off with an Individual Voluntary Arrangement (IVA).
Customers can get free debt counselling, debt adjusting and providing of credit information services from the Money Advice Service – an organisation set up by the Government to offer free and impartial advice to those in debt. For more information from the Money Advice Service click here www.moneyadviceservice.org.uk
You can find. Government guidance on dealing with your creditors here.
Individual Voluntary Arrangements (IVA’s) were introduced by the Government in the 1986 Insolvency Act as an alternative to bankruptcy. They were put in place to help anyone in serious debt finding it difficult to make their monthly payments. If you live in Scotland the equivalent solution is a Trust Deed.
An IVA is a formal agreement with your creditors (the people you owe money to) where you agree to pay only what you can realistically afford, taking into account your living expenses and monthly income. This is paid as a single monthly payment, usually over a period of 60 months. At the end of the period any remaining debt is written off and you owe nothing to your creditors.
Provided you maintain your repayments as agreed, an IVA protects you from further legal action from your creditors. In addition to this, all interest and charges are frozen at the time the IVA is agreed.
It is very important that you understand your legal rights and responsibilities if you are in debt. Expert debt advice can make an enormous difference to the outcome of any debt problems you are currently facing.
Please be aware that lenders are not obliged to accept less than contractual, payments or to freeze interest and charges. This may result in an increase in the total, amount repayable and may affect your credit rating.