IVA Debt Management
With an Individual Voluntary Arrangement (IVA) Debt Management, you could be free of debt within 60 months / 5 years. IVAs are an agreement which is legally binding between you and your creditors which is an alternative to bankruptcy. IVA’s should only be considered by those who are in severe debt.
- Have a regular income
- Have accumulated debts over £10,000
- Have debts from 2 or more creditors
- Do not want to go bankrupt
- Then an IVA could be a solution for your debt problems
An IVA allows you to repay an affordable monthly sum to your creditors over a period of 60 months. Providing you maintain the payments, your creditors will write off the debts you cannot afford.
During the term of the IVA, you are obliged not to take any more credit, and you must comply with the terms or the agreement will fail.
Our initial advice is free, however if you decide to proceed with a plan then fees will apply - Click here for details on our fees
Individual Voluntary Arrangements (IVA) were introduced in 1986 and have recently become the latest big news story in the national media regarding personal financial issues.
The number in use has been growing steadily during the last twelve months, raising on average over 25% per quarter. This is due to the rise in consumer debt, bankruptcies and the recent changes in bankruptcy law.
IVA’s are an alternative to bankruptcy.
An IVA sets out how the debtor is going to repay the creditors, usually over a period of five years.
An insolvency practitioner (IP) acts as the intermediary between the two parties.
Debt Management – Is it right?
A debt management plan is an informal arrangement to organise and consolidate your debts and credit agreements to allow you to still have enough spending money on a month to month basis.
It is a way to take leadership and control to help manage your financial situation.
Only you can answer whether or not it is the right choice for you. Within this web site you will find lots of information on debt management including the advantages and disadvantages.
It is imperative that you dont allow your debts to spiral any further out of control. If you are feeling the pressure as many of us here know, we strongly suggest that you get advice from an expert or review the facts, financial problems and try our debt management calculator to take control of your spending and reduce your credit requirements.
Debt Management Example
Here’s an example of how a Debt Management Plan can make your debt affordable
Steves Debt
Unsecured Loan: £6,000
Credit Card: £3,000
Store Card: £2,000
Total Owed: £11,000
Monthly Payments: £385
After a Debt Management Plan
Monthly Payments: £150
Monthly Saving: £235
IVA Example
Here’s an example of how an IVA can make your debt affordable
Kellys Debt
Unsecured Loan: £12,000
Credit Card: £8,000
Store Card: £4,000
Total Owed: £24,000
With an IVA
Total Owed: £15,000
Saving: £9,000
Debt Reduced By: 37.5%
Jane, Edinburgh
We just wanted you to know how grateful we both are! A huge thank you for all the wonderful work you've done to help us. Thank you just doesn't seem enough for the peace of mind...
Dan, Portsmouth
I was on the phone about twenty minutes and they took everything from there. Very helpful, very down to earth – I felt that Trusted Debt Help were there to help me through it: Like a financial doctor
Julie, Manchester
You worked tirelessly on my behalf, listening and showed me compassion and understanding, helped me get my IVA approved. Thank you very much
