We provide free confidential advice for anyone with a debt problem.
- Struggling to keep up with repayments
- Suffering from creditor pressure
- Consolidation loan refused
- Afraid to open your mail
- In arrears
For a Free Consultation fill in the quick and easy form to access years of experience
in helping people like you. Click Here and one of our specially trained advisors
will contact you within 24 hours
A debt management plan or voluntary arrangement may be suitable for you to take
the worry out of your finances.
A debt management plan can be used to resolve any problem you may
have with your unsecured debts. It is an informal arrangement suitable
for people who do not have very significant debts, who may not have very high disposable
incomes or who expect that their circumstances may change in the near future.
If you have a high level of debt a Voluntary Arrangement may be more suitable
for you.
An Individual Voluntary Arrangement is a legal process by which
you can gain protection from your unsecured creditors by entering into a legally
binding repayment agreement with them, which is then supervised by a licensed insolvency
practitioner.
This process is suited to those debtors who have a reasonably high level of
disposable income but who also have a very significant unsecured debt
problem.
The arrangement is supervised by a licensed Insolvency Practitioner who is responsible
for all negotiations with your creditors and for ensuring that you make all of the
payments required under the terms of the arrangement.
You are normally required to make regular monthly repayments, usually over a
5 year period, after which any balances remaining on your debts are
written off.
Click here for Frequently Asked Questions about Individual Voluntary
Arrangements.
If you are a homeowner, you will normally be required to release any equity you
have in your property by taking out a mortgage or secured loan and paying this money
to your creditors.
Once an IVA has been agreed by your creditors, all interest and charges on your
unsecured debts will be frozen.
Your supervisor in the IVA is required to review your financial situation every
year and, as a result, you may be required to increase your monthly contributions
into the IVA.