2
09
Phone IconCall us today for free advice 0808 223 4188

Could you qualify to write off up to 85% of your debt?

  • Reduce your debt by up to 85% UK Government help is available to help reduce your debts
  • Low monthly payment as little as £80 Pay all your debts in a single monthly payment
  • No need to take out more loans Start reducing your debt without more loans
  • Stop interest and demands from lenders We will take control of your lenders on completion

Complete the form below to see what help is available

Takes less than 10 seconds to check or try our online checker

How IVAs Work

What is an Individual Voluntary Arrangement ( IVA )

IVA's were first introduced as a solution to problem debt in 1986 and now are the most popular formal solution to clear debt. They are designed to make repayments more manageable and affordable. These schemes must be set up by a registered Insolvency Practitioner (IP) who will split your payments between your creditors. These are legally binding agreements in which you pay back all or part of your debts.

The arrangement is put together to prevent any additional interest and charges being added your existing debt (creditors can't change their mind!) These will normally last 60 months, and during this period you will be expected to make one affordable payment each month towards your debt. At the end of 5 years* and any debt that remains will be legally written off.

With no set up fees involved!

DEBT CALCULATOR

Just think, no more:

  • Nasty phone calls from creditors
  • Borrowing money from friends and family
  • Payday loans you have to keep rolling over
  • Dreading bills because you know you can’t pay
  • Running out of money within days of being paid
  • Having your cards declined at the till
  • Paying hefty charges for being a few pence overdrawn.
  • Pretending everything is ok when it’s not!

IVA Example

Here is an example of how an IVA could make your debts affordable.

Example Unsecured Debts

1 Personal loan £8,000
2 Credit card 1 £6,812
3 Credit card 2 £4,092
4 Credit card 3 £5,399
4 Credit card 4 £5,200
4 Overdraft £700
Total Owed £30,204

Your Monthly Repayments Would Be

Before
an IVA
£748
(total contractual repayments)
After
an IVA
£295
(total contractual repayments)
Reduced by
60%

* Subject to creditor acceptance
* Payment subject to individual circumstances
* Credit rating may be affected
* Fees apply, subject to individual's circumstances.

Finding the Right Solutions for Your Debt

Being in debt can be incredibly stressful. No one enjoys balancing the books, and when you are struggling to make ends meet with creditors and more besides, it can be incredibly difficult to support your family while clearing any funds that are left owing in your name. Therefore, seeking safe, thorough and tested debt solutions is always the way forward – and you need to ensure that you have an experienced and empathetic debt advisor at your side.

Not all debt is the same, and this is why it’s always important to look for debt advice that is flexible and which offers plenty of different routes for many different circumstances. While you may have arrears, CCJs or simply poor credit that you wish to amend, not all debt options may be convenient or applicable for your situation.

Debt advisors who care will ensure that you not only have the time to discuss and plan for repayments, but that you are also given calming support and guidance through an incredibly difficult time. A good debt advisory service will never force you into a choice that you do not wish to make – and, at the same time, they will never allow you to fall into a worry cycle. While the threat of repossession or worse may seem to be the end of the world right now, all debt has a solution – and we are both experienced and considerate in our approach to helping our clients find the most appropriate debt solutions for their given situations.

Which Debt Solution is Right for Me?

This, of course, all depends upon your personal circumstances, how much you are in debt by, and your ability to make payments. These are the most basic facets – but there are many different routes and techniques you can employ to lessen the strain on your finances as well as on your mind. Let’s take a look at some of the more common approaches that good debt advisors propose to many different clients.

Debt Management Plans

Many firms and creditors will be happy to set you up on a management plan that allows you to clear debt on a regular basis – though this may mean arranging for interest to be frozen and for your monthly payments to be lowered. It is likely that this will be approached as a temporary measure. For Scottish applicant, there are Debt Arrangement Schemes, which work in a virtually identical manner.

Snowballing

This is the act of paying off the minimum your creditors expect of you on a monthly basis. While this debt advice may not allow you to clear money owed as quickly as some of the other options listed, this is the perfect route to take if you are keen to protect and rebuild your credit rating. If this is in your sights and you can afford it, snowballing is the perfect route for you.

Debt Consolidation

Loans should only ever be entered into as one of many last resorts, as it means that you have another creditor on board – though it does at least mean that you can borrow enough money to relieve several others you may have requesting money. This form of debt solution is advisable if you are in a position to be able to afford minimum monthly payments to a loan company who can accept such consolidation. You may also travel a similar route through equity release or even re-mortgaging your home.

Individual Voluntary Arrangements (IVAs)

These arrangements are very popular with people who are struggling to clear payments with several different creditors. Essentially, an insolvency practitioner will be able to accept a monthly payment from you to split between creditors – making things simpler long term as well as short term. For Scottish clients, Trust Deeds work in a very similar manner.

Bankruptcy

Any good debt solutions advisor will tell you that declaring bankruptcy is nothing to be scared of – it is essentially wiping the slate clean, and is the easiest way to do so for many people and businesses. Our team will be happy to help you look at declaring bankruptcy safely should it be an option applicable to your situation. Debt Relief Orders, or DROs, can often be sought as more financially viable options.

Full and Final Settlements

These orders can be useful, particularly if you have shown willing to clear minimum of debt with your creditors previously. These statements can be used to supply or propose creditors with a final payment – and they are often accepted if deemed reasonable. A debt advice expert will be able to help you draft such a settlement if convenient and applicable to you.

Finding the Right Debt Advisor

The right debt advice expert will be able to help you visualise your debt in a whole new light. Our team are empathetic and supportive of all whom need our support – and we will not just help you to understand and gain confidence on your ability to clear debt, but we will also source the most convenient ways for you to do so based upon your individual circumstances.

As debt advisors with a wealth of experience in helping people with ranges of debt find new ways to support themselves, we are often able to help turn lives and minds around in just a few conversations. If you’re not sure where to turn to for impartial, confidential debt advice – and feel you have tried every avenue – let us help look at your situation in a whole new way.

Our team never pass judgment on your circumstances – we’re here to help you find painless, feasible ways to clear debt with a range of creditors. This may mean changing the way you handle your debts, proposing legal solutions to help boost your credit score, or simply finding an avenue to help you break free of debt for good.

Whether clearing debt quickly or helping people manage their finances, our talented team will be on call for you. Call or email today to learn more.