IVA debt help and advice
GET DEBT HELP HERENo fee is charged for initial advice. Fees apply if you enter a debt solution with us, and your credit rating will be affected. The debt solutions will be tailored to your circumstances and explained in full. Some solutions result in debt write-off.
To discover more about how to manage your debt and to receive free debt advice visit www.moneyhelper.org.uk
We can help you with most types of debt
CREDIT CARDS, LOANS & PAYDAY LOANS, STORE CARDS & CATALOGUES, OVERDRAFTS, LINES OF CREDIT and BUSINESS DEBTS.
- CREDIT CARDS
- LINES OF CREDIT
- PAYDAY LOANS
- STORE CARDS
- LOANS
- OVERDRAFTS
- CATALOGUES
- BUSINESS DEBTS
How Does An IVA Work?
An IVA is a formal debt solution that allows you to repay as much of your debt as you can afford, usually 5-6 years, with the balance of unsecured debts included in the solution being written off when the IVA is completed successfully.
An IVA allows you to consolidate all your eligible debts into one monthly payment, so keeping on top of things is much simpler. A licensed Insolvency Practitioner must handle the process, and they deal with creditors on your behalf, so you don’t have to. If an IVA is approved the creditors included in the IVA are legally bound to stop all recovery activities and freeze interest and charges, providing you maintain your obligations as agreed in the terms of the proposal.
We could help if you are...
- Struggling with unmanageable debts.
- Unable to pay your creditors.
- Worried about creditors taking action against you.
- Stuck in a cycle of borrowing to repay debts.
- Incurring interest and charges due to missed debt repayments.
- Paying high interest and charges and your debt is not reducing.
- Considering what debt solutions are available.
An IVA Example
Our 3 Step Process
1. Get Started
Answer a few questions about your current circumstances
2. Speak To An Expert
Chat to one of our debt experts and run through the options.
3. Relax
Select the best fit for your circumstances and eave the rest to us.
Benefits of an IVA
- You make affordable monthly payments usually for 5 or 6 years. (If you have a lump sum it is possible to offer a full and final IVA)
- Unsecured debts included in the IVA remaining after an IVA is successfully completed are written off.
- Your payments will be reviewed each year to make sure you can still afford them.
- An IVA can protect your residential property.
- The Insolvency Practitioner deals with your creditors on your behalf and processes payments to your creditors from your monthly payments.
- An IVA prevents creditors from taking action or continuing from adding further interest or charges to their debt.
- The IVA gives your Insolvency Practitioner the power to support changes in your circumstances. They can permit payment breaks for short term changes in circumstances, they can also reduce your payments by up to 15% without seeking further approval from your creditors. In rare circumstances they can also propose to vary the terms of your arrangement (Formal variations outside of the Insolvency Practitioner’s discretion may increase the term of your arrangement. All changes to the term of your arrangement whether discretionary or non-discretionary will require supporting document)
Risks of an IVA
- If there is equity in your residential property you may be asked to refinance in the final year of the arrangement to pay off your debts. Remortgaging may attract a higher interest rate.
- If you have equity and you are unable to refinance the term of the arrangement will be extended by 12 months.
- Certain assets may not be protected such as windfalls, investment properties and savings.
- The IVA can fail if you do not adhere to the terms of the arrangement. Creditors will then pursue you for the balance and creditors can backdate outstanding interest and charges. There is a risk of bankruptcy if the IVA fails. Creditors can even petition for your bankruptcy if you owe an individual creditor more than £5,000.
- An IVA requires creditors to vote on whether to accept, alter or reject the arrangement. Creditors may not accept the IVA.
- Any debts incurred after the date of approval cannot be included into the solution. Any debt excluded from the IVA will remain outstanding.
- An IVA means you have to live within an agreed budget for the period of the IVA and you cannot take on new credit without your Supervisor’s consent.
- Your credit rating will be affected for 6 years and details of your arrangement are added to the insolvency register, this is a public register.
You could be on your path to debt freedom
Your financial future could look like this.....
Frequently asked questions
What options are available to me?
Each situation is different. To determine what options are available, an income and expenditure form would need to be completed to understand what your affordability is. This would then determine what options are available to you. In England, Wales & Northern Ireland, there are options including Debt management plans (DMP), Consolidation, Individual voluntary arrangements (IVA), Bankruptcy, and Debt relief orders (DRO). In Scotland, options include self-help, informal arrangements, consolidation loan, Protected Trust Deed, Sequestration & Minimal Asset Process.
Contacting our team is the first step. You can call us during working hours on 0161 532 2926 (Advisory team) or fill in a simple form above. You will receive all the help and guidance you need to find a debt solution.
The Debt Advisor Ltd is authorised and regulated by The Financial Conduct Authority. This means we are able to offer debt advice and administer both formal and informal debt solutions on behalf of individuals and business owners.
We provide no-obligation advice to anyone who requires debt advice. All options will be explored, and we will help you find the solution best suited to your individual circumstances.
Can a debt advisor help me today?
How can I contact The Debt Advisor?
- Complete the form or call our advisors on: 0161 532 2926 (direct line during office hours
- Email: advisoryteam@thedebtadvisor.co.uk
- Chat with us directly on Whatsapp Messenger
What happens after I fill in the form?
You will receive a confirmation email and SMS with some further information. If it’s within our office hours:-
STEP 1
Keep your phone at hand. Our advisors will be in touch to go through the details with you. We’ll work with you to get a complete picture of your circumstances. It’s 100% confidential, and there is no no-obligation to continue.
STEP 2
We provide no-obligation advice to anyone who requires debt advice. All options will be explored, and we will help you find the solution best suited to your individual circumstances. Our experienced team offers a personal approach to finding solutions to your debt challenges, and they will help select the right plan for you.
STEP 3
Once a solution is in place, you’re on the road to getting your debts under control.
Can I get help for free?
There is no charge for the initial call and advice, and you are under no obligation to proceed. We provide free no-obligation advice to anyone who is considering a debt solution. All options will be explored. We are a commercial organisation and if you choose a solution we provide, fees will apply.
Free debt advice and information is also available to customers from the Government’s Money Helper website: www.moneyhelper.org.uk/en/money-troubles/dealing-with-debt
The Debt Advisor Ltd is authorised and regulated by The Financial Conduct Authority. This means that we are able to offer debt advice and administer both formal and informal debt solutions of behalf of individuals and business owners. We are a commercial organisation, and if you choose a solution we provide, fees will apply for our services. Fees vary dependent upon the solution and will be clearly explained to you.
We provide no-obligation advice to anyone who requires debt advice. All options will be explored, and we will help you find the solution best suited to your individual circumstances. Entering into a debt solution and not maintaining your monthly contractual payments may cause your accounts to fall into arrears, or the balance outstanding could increase. Payments made to creditors whilst you are on a Debt Management Plan with The Debt Advisor are distributed to creditors within 5 working days. Payments made to an IVA will be distributed to creditors in line with the terms of the proposal.
Please take a look at the information we provide for each solution, and the applicable fees. There are various options to help you deal with your debt problems. These include: Individual Voluntary Arrangements (IVAs), Bankruptcy, Debt Relief Orders, Debt Management Plans, and Debt Consolidation (subject to suitability and criteria). If you live in Scotland, the solutions are different, please visit Scottish Debt Solutions.
