Straightforward IVA advice

Making decisions that affect your financial future can be a confusing time. It is likely you will have a cloud of questions swirling round your mind as you mull over your monetary worries – but rest assured, here at Money Debt and Credit, we provide some of the best IVA advice around.

Put simply, if you have unsecured debts over £13,000, and are struggling to meet repayments, an Individual Voluntary Agreement could be the financial solution you need to clear your feet.

An IVA is a legal arrangement between you and your creditors which allows you to pay what you can afford towards your debts on a monthly basis.

So if you find yourself besieged with bills – and finding it difficult to keep your head above water – seeking help could be the first step to a firmer financial footing. But don’t just take our word for it, read a selection of reviews from those we have already helped.

Agreements typically last for five years, with the remainder of your debt written off at the end of the arrangement. Once set up by a licensed Insolvency – Practitioner (IP) and accepted by creditors, the agreement means:
– Interest and other charges will be frozen
– Creditors cannot chase you for payment
– Your assets are usually protected

Whilst an IVA can leave you free from debt, you should also take into account the restrictions it places on you during the length of the arrangement, and the effect it will have in the medium to long term. For example:

– No further borrowing can be entered into whilst you are in the arrangement. This includes the use of store cards and credit cards
– The arrangement is binding and the creditors can petition for your bankruptcy if you default
– The IVA will be noted on your credit file for up to six years (from the start of the arrangement} and you may have to declare it on any future mortgage or credit applications, even after it is no longer visible on your credit record