Our calculator will help you to decide whether an IVA is right for you.
Debt management is one of the most effective ways of avoiding an ever-increasing financial burden and harassment from creditors. In England and Wales, for those looking for a way out of problem loans and credit card debts, an IVA could be the solution. In an IVA, your creditors agree’s to freeze interest and accept a reduced value for repayment of your debt. There are a number of IVA providers and it is important that you find one with an experienced insolvency practitioner who will provide you with sound advice regarding the suitability of an IVA to your situation.
Once you have found a suitable provider, you will need to provide details of all of your debts, along with an income and expenditure statement. This will enable the IVA company to work out a suitable contribution level based on your circumstances to ensure that you can afford the repayments. Choosing an experienced and reputable IVA company will ensure that you get the best quality advice and service throughout the course of an IVA. Additionally, you should never be required to pay up-front fees for the administration of your IVA. Fees are taken from your payments to creditors, thus you will never pay more than the amount you agreed to.
A good IVA firm will help you to prepare a proposal for your creditors and in many cases, a significant proportion of the debt is written off after the end of the IVA. If you are looking for a method of debt management, financial repayment advice as part of an IVA may be what you need. Get the best financial repayment advice and get rid of debt problems forever.