We do our best to provide information all around IVA and offer You comprehensive advice for a successful IVA application in all cases of bad credit. Please feel free to contact us on any matter that might cross your mind regarding IVAs and use our contact form or the IVA application form directly. We will get back to you with professional advice on IVA.
When thinking about applying for an Individual Voluntary Arrangement, a legally binding agreement between you and your creditors when having debt repayment problems there are some criteria, information and data you need to take into consideration and understand. Debt problems are really common nowadays, more and more are having financial difficulties and as a legal and safe option the large majority of people, who are having unsecured debt of over 15,000 £ owed to at least three different creditors tend to use the help provided by IVAs instead of filing for bankruptcy.
The main benefit of an IVA is that you only pay off from your debt what you can afford, and after the IVA period ends, which is usually 5 years the remaining debts are automatically written off. Usually, based on affordability you will have to pay one, affordable monthly amount for the IVA, which is never less than 200 £, so before applying for an IVA make sure you have enough money and a stabile source of income, not to be considered unreliable.
An IVA can have outstanding results. For example, if you were having 35,000 £ as debt to be repaid, with a monthly repayment of 650 £, after making an Individual Voluntary Arrangement you will have to pay 250 £ for 60 months, paying off 15, 000 £ from the total amount of 35, 000 £, and the remaining 20, 000 £ will be written off after the IVA ends. But a good advice to follow: always make that 250 £ monthly payment, no matter what, because having repayment difficulties can lead to the end of the IVA and you can easily go bankrupt.
Fortunately there are tens of trustworthy and reliable websites giving you the proper help, advice, information and guidance about IVAs, and can help you understand every small detail, term and condition, so you can be prepared for an IVA.
Some important decisions you need to make before applying for an Individual Voluntary Arrangement, like becoming financially secured for monthly repayments. Those 200 £ are not a high price to pay for financial freedom, escape from harassments from creditors, high interest rates and charges, so start and get a stabile income, no matter if you are employed or self-employed.
