Individual Voluntary Arrangement (IVA)
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If you are struggling with your monthly payments on unsecured loans credit cards etc then an IVA will benefit you. An IVA is where you can pay an agreed voluntary monthly amount usually over 5 years (this will vary on a case to case basis). The amount will be considerably less than your current outgoings and the balance of the debt is written off.
We at Uk Mortgage Gallery have angencies with a company called Euro Debt. EuroDebt is a specialist and independent fee charging Debt Management Company that has offered Debt Adjustment and Full & Final negotiation services since 1996 and has been operating Debt Management Plans since 2000.
On average a EuroDebt client stays on their Debt Management Plan for 57 months*. This demonstrates that we have an excellent record of our clients maintaining their plans and consistently making creditor payments. This is important for most creditors because it means they will continue to freeze interest & charges and agree to full & final settlements if your circumstances materially change. For many clients a Debt Management Plan is appropriate as a transitional programme where adverse personal or household circumstances create major reductions in household income or increases in expenditure. Entering a EuroDebt plan demonstrates to your creditors that you are taking a responsible attitude to your financial affairs until you can resume paying contractual commitments or settle your debts.
Summary of IVA
- Ideally suited for debts over £15,000
- Potentially write off a percentage of overall debts
- Debt free within 6 - 60 months
- Your credit record will be affected for up to 6 years
- Safe guards house and car
- Avoids the consequences of bankruptcy.
- Interest is frozen for the period of the IVA
