IVA debt management UK | Debt Assistance
Why an IVA May Be the Answer, At UK Debt Assistance, we’ve helped thousands of people find personalized solutions such as an IVA (Individual Voluntary Arrangement) for getting out of debt, and we’d love to help you too.We offer a number of debt management solutions that may be appropriate for your situation, and one of our professional staff will conduct a detailed assessment on your financial situation to help you decide on the right solution for you.
Should we advise setting up an IVA (Individual Voluntary Arrangement) for you, this can help relieve the constant worry that comes with being in excessive amounts of debt while helping you to mitigate risk in terms of both your current credit rating and your future chances of financing.
So how does IVA work?
Once you have provided your details to one of our helpful team we will arrange for our Insolvency Practitioner (IP) to assess your situation and the joint decision will be made to proceed with an IVA, your IP will make contact with your creditors for you in order to negotiate a manageable amount that you can afford to pay each month.
Most importantly, once this amount is agreed upon, your creditor immediately stops all interest from accruing on the debt, which means that you’re paying only on the principal and that the vicious cycle has been stopped.
You are then required to pay an affordable amount to the licensed insolvency practitioners each month which they will distribute payment to your creditors according to the agreement which is ratified by a court.
The best part? Once your IP has negotiated with your creditors on your behalf, they’re no longer able to contact you for payments- instantly the pressure of all those stressful phone calls is gone, and you’re well on your way to financial recovery.
In terms of credit rating, an IVA will have an effect in that it will show on your credit rating for the duration of the term of your IVA, which is most often around five to six years, however once you’ve completed your term, your Insolvency Practitioner will advise the credit agencies to ensure the IVA marker is removed from your credit file in due course.
While it may seem less than ideal to have your credit negatively affected even for a temporary period, most people who are struggling with debt find that their credit has already been an issue, and that dealing with the situation through an IVA makes it faster and easier to end the cycle and clean up credit.
An IVA is also an option for those who have a mortgage, you will never lose your home through an IVA. There are certain terms that do apply in this case, however, so it’s important that you speak with your Insolvency Practitioner in this situation in order to get the best advice.
For those in debt, as so many of us are, there is hope– the cycle does not need to continue.
At UK Debt Assistance, it’s our belief that nobody should have to live under the weight of a heavy debt load, and we’re 100% committed to helping you find fast and effective solutions.