IVA's / Bankruptcy

Debt free in 60 months.
Set monthly payment you can afford.
Up to 75% debt written off.
Stops further interest charges.
We do the work.

Individual Voluntary Arrangements are formal agreements between you and your creditors to make reduced payments for a period of only 60 months. After that time you will be debt free as the remaining debt will be written off. You will only pay one set monthly payment that you can afford which is determined by a statement of affairs drawn up by us. IVAs do not carry the same stigma as bankruptcy.

Due to its formal nature, an IVA has to be set up by a licensed Insolvency Practitioner (IP) who presents your statement of affairs to the creditors. When an agreement has been made your IP will oversee the IVA's progress to ensure the terms and conditions are met. You will only need to make one monthly payment to your IP who will then do the rest. As long as you keep up the repayments, when the term of your agreement is finished, you will be free from these debts regardless of how much has been paid off.

If you have debts over £15,000 with 3 or more creditors then this may be the answer for you. Just fill in the simple online application and we will do the rest.

 
Bankruptcy can be an option if you have overwhelming debts with an inability to pay them. It is often seen as a fresh start for those that cannot pay their outstanding debts within a reasonable timescale.

However, there is a stigma associated with being bankrupt and certain restrictions are enforced such as the Official Receiver may sell any of your assets (car,home etc) to pay off any outstanding debts. You will also be shown as bankrupt on your credit file for 6 years and this will seriously affect your ability to borrow in the future.

Bankruptcy is often considered the last resort and there are other options to effectively manage your debts. Simply fill in the online application and one of our advisors will run through the best options for you.