How do I start the IVA process?
Fill the IVA application with information that is as accurate as possible and a professional will call you to let you know what your options are and what you can expect in terms of repayments, writing off debt, and other issues.
What is an IVA?
An IVA is an agreement between yourself and your creditors. It will allow you to reduce your monthly repayments so they are more manageable. In many cases it is also possible to freeze interest and charges, so that you can pay off more of your debt faster. At the end of the IVA term your remaining debts will be written off and you will be debt free.
How long before I am debt free?
An IVA usually takes 5 years to complete.
What are the criteria I have to meet to apply for an IVA?
You must owe at least 15,000 to at least 3 creditors, and you must be unable to make your monthly repayments on your current debts.
What if I owe less than that?
If you owe less than 15,000 to 3 creditors, you can still fill our IVA application. However, you will probably be set up with a debt management plan. A debt management plan is an informal agreement that is set up in order to help you pay back your debt in affordable payments.
I am still not sure if I qualify
Just Fill the IVA application on our site and a professional will call you for a free consultation that will answer all your questions. You will be under no obligation to accept any plan proposed to you.
Will an IVA affect my credit rating?
During the course of the IVA (usually 5 years) you will not be allowed to take out any credit, so in a way - your credit rating will be affected. However, if you follow your IVA plan properly and you make all your payments on time - you will be raising your credit score.
What should I expect to pay?
The amount you pay will depend on how much you owe and what your disposable income is. Your disposable income may include your salary, assets such as endowment policies, savings, and investments.
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