Our calculator will help you to decide whether an IVA is right for you.
To meet financial requirements, it is common to seek financial assistance from financial institutions. These financial institutions may be banks, private lenders or other financial organisations. Loans can be obtained for almost any purpose such as buying a car, getting married, buying property or funding education.
Until very recently, obtaining credit has been very easy and it has become normal to obtain credit to meet your financial needs. When you obtain credit it is crucial that you repay your debts on time in order to avoid defaulting on the arrangement. If you fail to plan your finances properly, your repayments can easily slip into arrears resulting in increased charges and interest rates, and ultimately slipping into severe debt troubles.
If you find it hard to keep track of all your finances and debts successfully, you can seek help from the many IVA companies. With the help of IVA companies, you will be able to plan your debt repayments more effectively. An IVA will enable you to make a single monthly payment to all of your creditors rather than the many separate payments you normally have to make.
In an IVA, you usually make repayments over a fixed period, usually five years. The IVA Company that you use manage the distribution of your repayments pro-rata to your creditors. The entire IVA is supervised by a licensed insolvency practitioner who will manage all of the legal aspects of the IVA as well as the correspondence between you and your creditors. Their fee is taken from the monthly instalments you make and thus you have to make no additional payments to cover their fees. After your IVA is complete, the IVA Company will issue you with a certificate of completion which you can submit to the credit reference agencies to update your credit report. A successful completion of an IVA can help you to obtain future credit as it shows a commitment to repaying your debts.